A Gilded Age Built On Debt For Modern Day Financial Aristocrats: Fed Reports Record For Household Net Worth Only Problem Is That Most People Do Not Own Financial Assets.
MyBudget360.com
The Fed recently reported that US households reached an all-time record high when it comes to their net worth. A record $77.3 trillion net worth figure was reported with $7.65 trillion of this growth occurring over the last 12 months. The only issue here is that most Americans do not own any financial assets. The bulk of the gain has come from the juiced up stock market courtesy of mega Quantitative Easing. Yet at the same time, we have a peak in food stamp usage and the real estate market is largely being driven by Wall Street speculators. The Fed is creating a modern day Gilded Age that is favoring a very small portion of the population. The vast majority of the population is leveraged into debt with high rates while those with premiere access continue to increase their balance sheets. It is no coincidence that the top 10 percent of households control 75 percent of all wealth in the nation. This is why sentiment for most households is negative. For the majority to participate in this party they need to go into massive debt yet again to pretend they are still part of the middle class.
The rise in financial assets
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