Factor income (defined as labor income from work and capital income from ownership) fell significantly during the COVID-19 pandemic. This fall was much more dramatic for those in the Bottom 50% than for other income groups. However, as shown in the graph below, factor income recovered quickly for every group. All income figures are adjusted for price inflation.
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Top 10%
Middle 40%
Bottom 50%
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Thanks to government transfers to help with COVID losses (including checks to families, extra unemployment benefits, the Paycheck Protection Program, etc.), disposable income (defined as income after taxes and cash transfers) increased by a sizable amount, especially for the Bottom 50%.
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Top 10%
Middle 40%
Bottom 50%
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After a very short dip in early 2020, wealth per adult (defined as the value of all assets owned minus debts) boomed during the pandemic. As shown in the graph below, this wealth growth was higher for the rich than for the middle class.
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Top 0.01%
Top 0.1%
Top 1%
Top 10%
Middle 40%