President-elect Joe Biden on Thursday night announced his nearly $2 trillion economic plan to deal with the economic fallout from the coronaviruspandemic. There were five factual claims he made that caught our interest.
When we queried the Biden-Harris transition team, we received citations for each factoid within 15 minutes — setting a standard for a response that we hope is maintained. The Trump White House, of course, rarely responded to such queries, generally because the president’s claims almost never could be supported.
“Just since this pandemic began, the wealth of the top 1% has grown by roughly $1.5 trillion since the end of last year — four times the amount for the entire bottom 50%.”
The source for this statistic is the Federal Reserve, which has a website showing the distribution of household wealth in the United States since 1989. Continue reading.