President Joe Biden Has Made Americans The
Poorest Since The Great Depression With A Record
$13.5 Trillion Lost In Household Wealth
Stocks And Retirement Funds Wrecked While
Inflation Destroys Savings Accounts And Bank
Accounts Under Joe Biden Presidency
December 11. 2022
Joe Biden having chronic brain freezes
U.S. President Joe Biden has so
mismanaged the U.S. economy that in under 2-years he
has cost the American people $13.5 trillion in
household wealth. The Market Watch website reported,
"But the loss in real wealth from January through
September was about twice as large — $13.5 trillion
in current dollars — after accounting for the rapid
inflation experienced this year."
Biden: who am I? where am I?
If Biden would spend less time using
the FBI, CIA and NSA to spy on American citizens,
which is illegal, he might actually get some work
done. Then again, the two brain cells he has left
are barely hanging on are not even sufficient to run
his mouth (you've
heard Biden's many gaffs), let alone a whole
country.
STORY SOURCE
Opinion: Household wealth down by $13.5
trillion in 2022, second-worst destruction on record
Last Updated: Dec. 10, 2022 at 9:30
a.m. ET - First Published: Dec. 9, 2022 at 5:09 p.m.
ET - The bear market in stocks and rapid inflation
eroded the real wealth of American households during
the first three quarters of 2022. American
households lost about $6.8 trillion in wealth over
the first three quarters of 2022 as the stock market
SPX, -0.73% DJIA, -0.90% COMP, -0.70% shed more than
25% of its value, the Federal Reserve reported
Friday in the government’s quarterly financial
accounts.
Nominal net worth fell 4.6% to
$143.3 trillion, as the market value of assets fell
by $6 trillion and liabilities rose by about $900
billion. Households’ balance sheets were propped up
by a 10% increase in home equity, which is the
greatest source of wealth for most American
families.
But the loss in real wealth from
January through September was about twice as large —
$13.5 trillion in current dollars — after accounting
for the rapid inflation experienced this year.
Inflation makes both debts and liabilities worth
less in terms of purchasing power...
https://www.marketwatch.com
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