Federal Reserve Bank of New York's Liberty Street Economics Blog

Liberty Street Economics - A Blog by Experts at The Federal Reserve Bank of New York is a source of insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank's headquarters at 33 Liberty Street in Manhattan's Financial District. The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank's Research Group. Liberty Street Economics does not publish new posts during the blackout periods surrounding Federal Open Market Committee meetings. The views expressed are those of the authors and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.

72%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermines the credibility of the source. It is calculated as:
Analysis.OverallConflictOfInterestScore * 0.3F + Analysis.OverallBiasScore * 0.3F + Analysis.DeceptivenessScore * 0.3F + Analysis.ReadabilityScore * 0.1F

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

The Daily's Verdict

This news site has a mixed reputation for journalistic standards. It is advisable to fact-check, scrutinize for bias, and check for conflicts of interest before relying on its reporting.

Bias

85%

Examples:

  • The author fails to explain what factors contributed to the growth in racial and ethnic wealth inequality since the pandemic. They simply state that 'Financial asset prices rose with the reopening of the economy through 2021' without providing any evidence or analysis.
  • We find that 2019-2023 growth in real net worth was greater for white individuals than for Black and Hispanic individuals.

Conflicts of Interest

50%

Examples:

  • The author has no conflicts of interest to disclose.

Contradictions

85%

Examples:

  • The real net worth of white individuals outgrew that of Black and Hispanic individuals by 30 percentage points from the first quarter of 2019 through the second quarter of 2023.
  • White wealth grew by a cumulative percentage point more than Black and Hispanic wealth.

Deceptions

80%

Examples:

  • The chart used by the author shows racial wealth inequality as a percentage point difference rather than actual dollar amounts.
  • The statement 'racial and ethnic wealth inequality has been exacerbated since the pandemic' is deceptive because racial and ethnic wealth inequality was already a significant problem before the pandemic. According to data from 2019, Black individuals held just 4.9% of total net worth in the United States while white individuals held 92.4%. This disparity has not been resolved since then.

Recent Articles

  • Record Household Debt Reaches $17.69 Trillion in Q1 2024: Mortgage Balances Surge, Credit Card Delinquencies Rise

    Record Household Debt Reaches $17.69 Trillion in Q1 2024: Mortgage Balances Surge, Credit Card Delinquencies Rise

    Broke On: Tuesday, 14 May 2024 Total household debt hit a new record of $17.69 trillion in Q1 2024, with mortgage balances increasing by $190 billion and credit card balances decreasing slightly. Housing debt and auto loans saw growth, while other non-housing debts declined. Delinquencies for all debt outside student loans have risen to their highest level since 2012, with Generation Z borrowers and those in low-income neighborhoods being most affected.
  • The Pandemic Widened The Wealth Gap Between White And Black Americans, Despite Government Support And A Strong Job Market.

    The Pandemic Widened The Wealth Gap Between White And Black Americans, Despite Government Support And A Strong Job Market.

    Broke On: Sunday, 11 February 2024 The wealth gap between white and Black Americans has widened during the pandemic, despite government financial support and a strong job market. White individuals saw an increase in real net worth by 30 percentage points compared to Black households' growth of only 9 percentage points. This disparity is not solely due to differences in stock ownership; it also stems from the fact that more than half of Black financial wealth is invested in pensions rather than stocks and mutual funds. Additionally, during the pandemic, the real value of Black-held financial assets dropped below their 2019 level while Hispanic-held assets remained relatively stable.