The surprising post-pandemic drop in income inequality

Federal Reserve data released Friday shows middle- and lower-earners' inflation-adjusted incomes rose during the Biden years, but high earners saw their incomes fall. The median American family's income rose 7% in inflation-adjusted terms between 2021 and 2024, while the average real income of top 10% earners fell 14% to $652,000 from $757,000, indicating income inequality fell post-pandemic.