Gage Skidmore via Flickr

The wealth of Americans has now officially declined for the first time in two years on Joe Biden’s watch according to a new report provided by the Federal Reserve.

As Buisness Insider reports:


The wealth of American households declined for the first time in two years due to a stock market slump that wiped out $3 trillion, according to the Federal Reserve.

US household wealth fell to $149.3 trillion in the first quarter of 2022, down from a record $149.8 trillion at the end of 2021, according to a Fed report released on Thursday. That’s a $500 billion fall in net worth.

It marks the first decline in household wealth since the first quarter of 2020, when markets crashed as the COVID-19 pandemic took hold.

The Fed said the decline in wealth was driven by a “sizeable” hit to the tune of $3 trillion in the value of stocks on the balance sheets of households. This loss was partly offset by a $1.6 trillion increase in real-estate value and a high rate of personal savings, said the Fed.

The Dow Jones plummeted over 800 points on Friday after the year over year inflation number came in much hotter than expected.

 




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raylaser
raylaser
2 months ago

But Bidummy is eager to tell everyone the economy is doing great.

Walt14
Walt14
2 months ago

This is the result of our recovery. Whoever is at the top during our recovery from the Covid pandemic gets this “prize”. It’s the result of people getting well and surviving a deadly disease thanks to us vaccinated/boosted Americans. Now we want our goods, but the goods weren’t made during the roughest part of the pandemic, so now there is a shortage that will remain short through 2023. Some blame Big Oil for stopping drilling when few were driving and buying gasoline during the heart of the pandemic. But, since they weren’t making big bucks while people were sickest, their refusal to drill made business sense to them. And, Big Oil probably did not expect that Biden would end the Covid pandemic as early as he did, so they weren’t in a rush to supply gasoline. Hence, the shortage. When gasoline costs are high, other prices go up. That is the nature of the game.

Dicky
Dicky
2 months ago

Need to get rid of Biden ASAP, he is the main problem along with all his liberals!