The Federal Reserve in the United States just released a new report showing that “Total Household Wealth” in the United States has reached a record $94.8 trillion.
That’s an impressive figure.
Even more impressive is that Total Household Wealth has increased by $40 trillion since the lows of the Great Recession in 2009.
No doubt there’s probably a multitude of central bankers and bureaucrats toasting their success in having engineered such magnificent prosperity.
And it’s certainly an achievement worth celebrating. As long as you don’t look too closely at the data.
Total Household Wealth is exactly what it sounds like– the total net worth of every person in the United States, from Bill Gates down to the youngest newborn baby.
So when you add up all the 330+ million folks in the Land of the Free and tally up their combined net worth, the total is $94 trillion.
The thing is that the VAST majority of that wealth, especially the incredible growth over the last 8 years, has been from increases in just two asset classes: real estate and the stock market.
In fact, stocks and real estate alone account for roughly 2/3 of the wealth increase since 2009.
I’ll come back to that in a moment.
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If your not doing something illegal your not making the big money.
ReplyDeleteBut we all know . If your in business, small business. It's great to not post a profit to save taxes.
ReplyDeleteThe best way to get a tax break is to become a sole proprietor.
ReplyDeleteMen smuggling cigarettes in OC had many businesses and cash,man selling bogus sports memorabilia making few million,small contractors losing money and going out of business.
ReplyDeleteIt is Wall Street "fake wealth" - created out of nothing, backed by nothing.
ReplyDeleteA credit bubble which will eventually burst and destroy many many millions of households for ever.
Thank your Government !!! Over Tax Over Regulation !!!
ReplyDeleteRegulation, taxation, scam artists and trial lawyers. This is exactly why we will never be the way we were...
ReplyDeleteThe system is gamed by the establishment and Trump is trying to fight it
ReplyDelete