US Household Wealth Sees Second-Fastest Decline in US History in 2022 Under Joe Biden

The US household wealth is down $13.5 trillion in 2022 the second fastest decline on record.

Only the 2008-2009 financial crisis was worse than the Brandon 2022 economic crisis.

Economists and corporate leaders are already warning about a likely recession in 2023.

Sadly, it won’t stop Democrats from spending more money and sinking the economy.

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Via MSN Market Watch.

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). The only greater drop was following the financial crisis of 2008-09. (The wealth lost during the Great Depression of the 1930s would likely hold the record if we had the data.)

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