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The Finance 202:
Americans collectively are richer than ever and getting more so. That fact would come as a surprise to tens of millions, including those who now have to steal to eat.
But the bottom line for the total household net worth in the United States continues to swell: It rose 3.2 percent in the third quarter to $123.5 trillion, a Federal Reserve report showed Thursday. The surging stock market accounted for most of the gain, padding overall wealth by $2.8 trillion over the three-month period. Rising real estate values and increased savings contributed, too.
The numbers gild an increasingly dire reality for those beneath the apex of American affluence. The latest evidence, in case any was needed: Retailers report a sharp rise in people shoplifting food, as federal support for those struggling and out of work runs dry.
Go, Bernie! And Laura Palmer Raids - dead on.
ReplyDeleteThis is why Moscow Mitch thinks no help is needed; it's why Cheeto keeps saying it's the "best economy ever." This is how the 1% manage to keep the lower classes where they want them: Working and struggling, working and struggling.
ReplyDeletewhkattk - Terrible but true.
ReplyDeleteYep looks like there will be no round two of the stimulus checks. The nation has spoken on what they want, and leave it to polictians to do the opposite.
ReplyDeleteMistress Maddie - The worst part is there are so, so many people who really need help.
ReplyDeleteAMERICA'S SHAME, PURE AND SIMPLE111
ReplyDeleteMilleson - Indeed!
ReplyDelete