Federal Reserve data shows the top 1% holding a record 32% of U.S. net worth in Q3 2025. The Gini coefficient is at 60-year highs. Labor's share of GDP is at its lowest in recorded history. This is not a cycle. It is a new baseline.
The divergence in American housing markets between ownership-accessible and ownership-inaccessible populations is not a supply problem or an interest rate problem — it is a structural class formation that is locking in inequality across generations.
American wealth inequality has returned to Gilded Age levels. The political system designed to address it has instead accelerated it. Here is what the data actually shows.