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Note: Not adjusted for inflation; Data: Federal Reserve Bank of St. Louis; Chart: Chris Canipe/Axios

The total net worth of the bottom 50% of Americans fell to -$143 billion in the second quarter of 2010 — meaning the lowest 50% of earners had collective liabilities far outpaced their collective assets, largely underwater home and auto loans. Their net worth remained negative until Q1 2013, Federal Reserve data shows.

What it means: "The recovery is just now getting to the bottom of the economy," Kevin Barry, chief investment officer at investment manager CAPTRUST, tells Axios. "At the end of 2015 the overwhelming majority of Americans would say, 'What recovery?'"

By the numbers: The bottom 50% of earners' net worth rose to nearly $1.3 trillion in the first quarter of 2019. However, their share of total U.S. net worth has just this year risen above 1% of the total. The top 1% of earners' share is 31.1% as of the first quarter of 2019, according to the Fed's data.

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20 Republican former U.S. attorneys endorse Biden, call Trump "a threat to the rule of law"

Photo: Mandel Ngan/AFP via Getty Images

Twenty Republican former U.S. Attorneys on Tuesday endorsed Joe Biden while saying that "President Trump's leadership is a threat to rule of law" in the U.S., the Washington Post reports.

What they're saying: In the letter, the former prosecutors criticize Trump's use of the Department of Justice, saying the president expects the DOJ to "to serve his personal and political interests."

  • "He has politicized the Justice Department, dictating its priorities along political lines and breaking down the barrier that prior administrations had maintained between political and prosecutorial decision-making," the letter says.
Updated 48 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Winter coronavirus threat spurs new surge of startup activity.
  4. Media: Pandemic causes cable and satellite TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.

Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.