Although many indicators show a thriving US economy, the Fed’s recent report tells a different story, with median family net worth lower now than in 1998 (in $2016), and working class families hit the hardest, with their net worth declining 34% since 1998. While the middle class held its own in the period, rising 3.5%, the net worth of the top 10% took off – soaring 146%. Fabian Pfeffer says this wealth decline among many US families actually started long ago – in the 1980s – but was obscured by the housing bubble.

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