Blue collar boom? College grads, baby boomers big winners in Trump's economy
On average, Americans have seen a 17% jump in household wealth since Trump’s election, while wealth at the bottom half has increased 54%.
“This is a blue collar boom,” Trump also said Tuesday. That’s less apparent. The biggest winners on a dollar basis were a familiar group - whites, college graduates, and people born during the “baby boom” between 1946 and 1964.
Net worth combines the value of assets like real estate and stocks and subtracts liabilities like mortgage loans and credit card balances.
Even with a 54% increase in their household wealth under Trump, the poorest half of American households, around 64 million families, still have just 1.6% of household “net worth.”
Wages for lower-skilled jobs have of late been rising faster than those for higher-skilled occupations. But it takes time for income to be saved and translate into wealth. Since Trump took office, households headed by a college graduate captured 75% of the net worth gains, or around $11.88 trillion.