Another lying article.
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Total U.S. household net worth rose $2.4 trillion to $144.7 trillion in the third quarter, the Federal Reserve said in its Q3 flow of funds report, released on Thursday.
This is the sixth straight gain in net worth, which was boosted by government assistance during the pandemic. Household net worth stood at $116.8 trillion in the fourth quarter of 2019, prior to the onset of the coronavirus.
The value of real estate rose $1.4 trillion in the third quarter, while the value of corporate equities fell by $300 million.
given the deliberate (and perhaps also unintended) massive inflation (debasement of the currency), measuring valuations in constant dollar units is highly deceptive
we must adjust the nominal dollar unit for its (considerable) drop in actual purchasing power, before comparing two “dollar” figures measured at different times, years
just saying that the fact one’s house many have increased in (nominal) dollar value does not mean s/he is any richer in real terms.
and getting a 2 percent pay raise in times of 12 or 15% inflation (currency debasement) does NOT mean one is 2 percent ahead. Rather, it means he is 11 or 13 percent THE LOSER
Respectfully,