While it is now undisputed by even the Federal Reserve itself, that all the “benefits” of QE have accrued exclusively to the wealthiest segment of society, those 0.01% whose wealth is mostly invested in financial assets which have inflated in direct proportion with the Fed’s balance sheet, some have tried to suggest that because the disposable income of the average American has also increased in the past few years, then QE has been a success. There is one problem with that statement: it isn’t true.