The next time you take a walk around your neighborhood take note that pretty much everyone on your block is worth more money than they were ago.
The Federal Reserve issued a report that said American households took a huge jump in net worth over the past year.
How? Well, the stock market was cranking out incredible earnings and the housing market was booming pretty much everywhere around the country.
So, that meant total household net worth was $141.7 trillion in the second quarter of 2021.
How much of an increase was that over the first quarter? How about a whopping $5.85 trillion!
Stocks accounted for $3.5 trillion, and real estate valuation improvements chipped in another $1.2 trillion.
So that’s all great news. Here’s the not so great news. Consumers debt totaled $17.3 trillion as of the end of June.
So that’s the story on individual citizens of the United States. How about a quick peek at the finances of the federal government. Well, wouldn’t you know it, there are ramifications for printing and handing out trillions of stimulus money. The government was a mind numbing $28.5 trillion in debt. What the country owes rose by almost 10%.
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