The MAGA movement is only getting started!
Since President Trump took office, the economy is roaring like no other time before. Economists laughed at President Trump when he said he could grow the economy by three to five percent. Look who’s laughing now.
According to a new report, the surging stock market has increased the American household value a whopping $96.9 trillion this fall.
WASHINGTON (AP) — Surging stock prices and steady increases in home values powered American household wealth to $96.9 trillion this fall, though the gains aren’t widely shared.
The Federal Reserve said Thursday that U.S. net worth rose $1.7 trillion in the July-September quarter, extending a steady upward march in American wealth after the Great Recession eliminated about one-sixth of it in 2008.
The value of Americans’ stock portfolios rose $1.1 trillion, and real estate values climbed $400 billion. Total household wealth includes checking and savings accounts and subtracts mortgages and other debt.
U.S. wealth has made a remarkable comeback since the recession, when it plummeted more than $10 trillion to $56.2 trillion. The figures aren’t adjusted for inflation or population growth, nor is it broken out by income levels.
But Edward Wolff, an economist at New York University, uses other Fed data to calculate figures for average and median households. The median is the point where half of households are richer, and half poorer, and gives a better sense of how typical families have fared.
In 2016, the latest figures available, median household wealth was still 34 percent below its pre-recession, 2007 level. Average household wealth, meanwhile, fully recovered from the downturn and was 7 percent higher last year. The average figure is pulled up by very wealthy families.
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