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Photo: Phil Ashley/Getty Images

The top 1% of American households have almost as much wealth as the middle- and upper-middle classes combined, reports Bloomberg.

Why it matters: The richer the 1% becomes, the more opportunities they have, per Bloomberg. A large portion of their wealth comes from "huge returns in the stock market in the past decade, to the point that they now control more than half of the equity in the U.S. public and private companies," according to Federal Reserve data.

By the numbers: The "upper-most bracket grew by $650 billion in the second quarter of 2019, while Americans in the 50th to 90th percentiles saw a $210 billion gain," writes Bloomberg.

  • The richest group had assets of about $35.4 trillion in the second quarter while the tens of millions in the 5oth to 90th percentile held less than $36.9 trillion, per Bloomberg.
  • Americans in the 90th and 99th percentile sill have the largest share of the wealth, with $42.6 trillion in holdings, notes Bloomberg.

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AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk” and criticizing his past support for Social Security and Medicare cuts.

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.

2 hours ago - Podcasts

Butterball CEO Jay Jandrain talks turkey

Butterball estimates that it sells one out of every three Thanksgiving turkeys, but knows that this year's celebrations will be different than years past.

Axios Re:Cap talks with the turkey giant's CEO Jay Jandrain about what people are buying, what they're asking the "Turkey Talkline" and what the pandemic has meant for his business.

Biden introduces top national security team

President-elect Joe Biden's nominee for Secretary of State Antony Blinken spoke Tuesday at an event introducing the incoming administration's top national security officials, where he told the story of his stepfather being the only one of 900 children at his school in Poland to survive the Holocaust.

What they're saying: "At the end of the war, he made a break from a death march into the woods in Bavaria. From his hiding place, he heard a deep rumbling sound. It was a tank. But instead of the iron cross, he saw painted on its side a five pointed white star," Blinken said.