In a bit of seemingly good news the FED announced that in NET terms the total US household net worth is close to $81 TRILLION with net debt at $13.1 Trillion. Hmm, really? Lets do some high level math ($81T-T13.1T)/315 Million Americans… Hmm, that would mean that every man, woman, child, homeless person and housewife in America is worth $215,142…..Debt Free. Are you f*#(ing kidding me?
Last time I checked 47 Million Americans were on food stamps, on average working Americans will only have $46,000 saved by the time they are 50 and 36% of Americans will not have any saving at all by the time they retire. If you believe this nonsense, give me a call, I still have some WorldCom and Nortell stock to sell you.
Then again, if by some supernatural force this number is true, why don’t we take a small portion of it and pay off our National Debt $17 Trillion and all of our Household Debt $13 Trillion. According to the FED we should still have $51 Trillion left. Now, that’s rich.
Nice try FED propaganda machine.
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Everyone In America Is Worth $215,142 Google
WASHINGTON (Reuters) – U.S. household net worth jumped to a new high at the end of last year, as the value of real estate and shareholdings rose and bank accounts swelled.
The Federal Reserve said on Thursday net worth increased $2.95 trillion to $80.66 trillion in the fourth quarter, eclipsing a previous record high.
The value of households’ property, consumer goods, bank deposits and stocks all increased in the quarter.
The Fed said household net worth rose 14 percent in the full year, driven by a $5.6 trillion rise in the value of shares and a $2.3 trillion increase in the value of real estate.
The U.S. central bank has used ultra-loose monetary policy to encourage a recovery in the nation’s housing market following a severe 2007-2009 recession, which has also helped drive U.S. stocks to record highs.
Increases in housing wealth make it easier for families to borrow against the equity in their homes, while overall wealth gains make consumers feel generally more comfortable spending their money. Many economists think consumers spend a few cents of every dollar they gain in wealth.
Growth in household debt slowed to an annual rate of 0.4 percent in the fourth quarter, from 3.0 percent previously, while home mortgage debt fell. Net debt hit $13.11 trillion.