America’s wealth declined at the second-fastest rate in U.S. history in 2022 thanks to Joe Biden disastrous economic policies.
The only other wealth drop in recorded history was during the 2008 housing crisis.
Granted, it doesn’t count the 1929 stock market crash and the Great Depression because the indexing records were no yet kept at that time. So, it is likely the Great Depression was worse, but that does not say much for Biden, does it?
How would that argument go…”Hey, at least Joe Biden’s destruction of U.S. wealth is not as bad as the Great Depression, am-I-rite??”
Yeah, not very salubrious, huh?
Per MSN MarketWatch:
American households lost about $6.8 trillion in wealth over the first three quarters of 2022 as the stock market 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.
The 8.6% drop in real wealth over three quarters is the second-fastest decline on record (the data series begins in 1959).
What an absolute failure Joe Biden is.
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