Posted on 09/22/2020 2:54:16 PM PDT by Red in Blue PA
Americans' household wealth hit a record high last quarter as the stock market continued to rebound from the coronavirus pandemic-induced drop earlier this year.
According to new data released Monday by the Federal Reserve, American households' collective net worth climbed nearly 7% in the April-June quarter to $119 trillion. That's up from $111 trillion in the first quarter, when the pandemic triggered an unprecedented shutdown of the nation's economy, cratering the financial markets.
(Excerpt) Read more at foxbusiness.com ...
Basically due to people sitting at home during the lockdown and saving money. Not sure if that is good long term but short term, a lot of people have been able to put some money aside and pay off some debt.
Except it has about $10 trillion in printed money to thin it out a bit.
When you remove 30-60% of production from your economy you cannot increase wealth. It’s axiomatic.
yeah :) Since March it’s been “sorry dear I’d love to take you to that 5 star restaurant but...they’re closed. And the movies and the casinos and we’re boycotting the NFL so not going to any games...
I’ve never saved so much in 6 months :)
Also due to the fact that the stock market has risen quite a bit.
Ironically my net worth has skyrocketed during all this even though my business is off 50% or more where it was pre-covid. All because of investments in companies like Amazon and Netflix that I was smart enough to load up on at the beginning of all this.
DUH! People were paid more to sit on their collective ass at home instead of going to work.
You and me both!
I can’t believe how much money I saved since my girlfriend and I stopped going out.
I’m reading that the pandemic is finished worldwide (3 deaths per day for the last two days here in Georgia), but there are certain aspects of it that I may hold on to! ;)
Maybe I’ll be able to buy that cabin in the woods after all!
Is that “increased wealth” expressed in dollars, or in ounces of gold?
Indeed. My bank account is growing.
I don’t do masks, thus I shop less.
I always point out, just after the 1918 Pandemic, in a few years, you had The Roaring 20s, I suspect once this is over, you’re going to see the mother of all spending sprees.
For now. I pulled a lot out of the stock market this week, in anticipation of an October surprise. I fear a crash is imminent, and will get back in if President Trump is re-elected and the Dems calm down. Taking a wait and see stance for now, minimizing my risks. Problem is that interest rates are low so little income on cash, but at least it's more secure than sitting in the volatile stock market. If President Trump is re-elected and makes it to inauguration, then the stock market will rise like crazy. For now through November, too much volatility.
You are right. If Trump wins the election, we will be happy spending.
If Biden steals the election, we will be hoarding spending.
So you’re supporting and earning wealth on “Cuties”, the Obamas, Susan Rice and Jeff Bezos? Asking for a friend.
yep :) money is money, i’m a capitalist :P
Yep - especially those still working and those of us who are retired - been saving $800 or so extra a month during the shutdowns...
bttt
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