Checking in with the Richest Americans and checking in with the Poorest Americans

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The Richest Americans:

America's 1 Percent Could Buy Almost Every Home in US, Report Says

While many Americans are struggling to get on the property ladder as the U.S. navigates a housing affordability crisis, the country's richest 1 percent has now amassed enough wealth to be able to buy almost every home in the United States, a new Redfin study shows.

The top 1 percent in the U.S.—those with an income of $787,712 and above, according to SmartAsset—had a combined net worth of $49.2 trillion by the end of 2024. The combined value of almost 100 million U.S. homes during the same time was $49.7 trillion.

The ongoing housing affordability crisis has highlighted the growing inequality in the U.S., where the top 1 percent holds almost as much wealth as the bottom 90 percent, according to a 2023 study by experts at Princeton University.

Home prices have skyrocketed over the past five years, driven by pent-up demand and a historic lack of supply in the U.S. housing market—the result of years of underbuilding following the housing crash of 2008. The sudden rise of mortgage rates in 2022 following the Federal Reserve's aggressive rate hike campaign exacerbated the affordability crisis, squeezing many aspiring homebuyers out of the market entirely.

https://www.newsweek.com/one-percent-could-buy-almost-every-home-us-report-2043340

And the Poorest Americans:

First Inflation, Now Tariffs: Low-Income Americans Can’t Catch a Break

(Bloomberg) -- With views of current finances among the poorest Americans already near the lowest in 14 years, tariffs are set to add more pressure by making many everyday items even pricier.

Low-income households, who spend a larger share of their budgets on goods than the wealthy and tend to favor cheaper imports, will bear the brunt of the hit. Economists from Bank of America and BNP Paribas expect the February consumer price index report due Wednesday to show early signs of the impact from tariffs — in particular the additional levies on items like furnishings, clothes and electronics coming from China.

Most of the impact on goods prices will be felt in the months to come — especially necessities like groceries, gasoline and electricity — from levies on imports from Canada, Mexico and China that are already in effect and those expected in the coming weeks. Retailers like Target Corp. and Best Buy Co. are warning of higher prices due to tariffs. That’s helping push long-term inflation expectations to an almost 30-year high.

“Undoubtedly you’re going to have a larger impact on the lower-income consumer who’s already been struggling with inflation and elevated interest rates to a larger degree,” said Seth Basham, managing director at Wedbush Securities. “This is going to set them back even further.”

https://www.msn.com/en-us/money/other/ar-AA1AFX1d

[multigraincracker]

1. Revolutions can take many different paths.

Some times just the threat of eating the rich can bring change.