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Do You Feel $5 Trillion Richer Than You Were In December?
US households are $5 trillion richer than they were at the end of 2020. In aggregate, anyway.
That's according to the latest Z.1 report, out Thursday.
In the 12 months since the largest quarterly collapse in history (a $6.5 trillion contraction in the first quarter of 2020, when the pandemic collapsed the stock market and plunged the world into a fleeting depression), American households have seen their collective net worth balloon by almost $26 trillion. The figure (below) is quite something.
Funny how the only thing the Republican can agree with is to increase taxes on the poor to pay for infrastructure.
There were additional transfers of wealth from property owners to the (primarily) lower income citizens.
According to an article published by US News on May 17, 2021, there were 5.7M households who were behind on their rent. The amount of rent owed was approximately $20B. This is $20B which renters did not have to pay.
I continue to think that this was one of the most poorly handled issues resulting from the pandemic. The “rule of law” is the backbone of the US and the USD and such rule of law was not upheld. I am not suggesting that evictions should have been allowed but if the government steps in to temporarily halt evictions, the landlords should have been made whole. Surely the government could have printed an additional $20B for landlords, many of whom were individuals, and not corporate entities.