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.
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 .
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.