{"id":1638106,"date":"2022-09-09T18:35:45","date_gmt":"2022-09-09T22:35:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1638106"},"modified":"2022-09-09T18:36:07","modified_gmt":"2022-09-09T22:36:07","slug":"american-households-lost-6-trillion-in-three-months","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-households-lost-6-trillion-in-three-months\/","title":{"rendered":"American Households Lost $6 Trillion In Three Months"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famerican-households-lost-6-trillion-in-three-months%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1638106&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Total household <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">wealth<\/a> in the United States fell $6.1 trillion dollars in the second quarter of 2022, according to <a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/dataviz\/z1\/balance_sheet\/chart\/#units:usd;series:balance-sheet\">data<\/a> released on Friday by the <a href=\"http:\/\/dailywire.com\/topic\/federal-reserve\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>.<\/p>\n<p>The central bank\u2019s Financial Accounts of the United States <a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/20220909\/z1.pdf\">report<\/a> showed that wealth held by households and nonprofits dropped from $149.9 trillion at the end of March to $143.8 trillion at the end of June, representing a 4% decline.<\/p>\n<p>Although the value of real estate increased $1.4 trillion, the value of directly and indirectly held corporate equities fell $7.7 trillion. Household debt, meanwhile, increased at an annualized rate of 7.4%. Indeed, the ratio between net worth and disposable income fell from 824% to 778%.<\/p>\n<p>The United States recently met the rule-of-thumb definition of a recession \u2014 two consecutive quarters of negative growth \u2014 since the economy <a href=\"https:\/\/www.dailywire.com\/news\/united-states-economy-shrinks-in-the-first-part-of-2022\">shrank<\/a> at a 1.6% annualized rate in the first quarter and <a href=\"https:\/\/www.dailywire.com\/news\/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth\">contracted<\/a> at a 0.6% pace in the second quarter. Year-over-year inflation reached 8.5% in July 2022, according to <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">data<\/a> from the Bureau of Labor Statistics, with a slight moderation from the 9.1% reading in June 2022 <a href=\"https:\/\/www.dailywire.com\/news\/white-house-starts-victory-lap-amid-slightly-less-dismal-inflation-reading\">driven<\/a> by lower energy prices \u2014 even as costs for food, new vehicles, medical care, and shelter continue to rise.<\/p>\n<p>In reaction to persistent inflationary pressures, the Federal Reserve has adopted a <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-hikes-interest-rates-again-to-combat-bidenflation\">hawkish<\/a> approach to raising interest rates \u2014 a policy that tends to restrict economic output as the cost of borrowing money increases. Monetary policymakers\u2019 current target is between 2.25% and 2.5%.<\/p>\n<p>\u201cPrice stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy,\u201d Federal Reserve Chair Jerome Powell said in a <a href=\"https:\/\/www.dailywire.com\/news\/jerome-powell-vows-to-restore-price-stability-even-though-federal-reserve-must-first-bring-some-pain\">speech<\/a> delivered at the central bank\u2019s annual symposium in Jackson Hole, Wyoming. \u201cWithout price stability, the economy does not work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. The burdens of high inflation fall heaviest on those who are least able to bear them.\u201d<\/p>\n<p>Officials in the Biden administration, however, have dismissed potential inflationary impacts arising from a series of recent federal stimulus packages. Treasury Secretary Janet Yellen <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-we-have-experienced-one-of-the-quickest-economic-recoveries-in-our-modern-history\">praised<\/a> the business climate under President Joe Biden as \u201cone of the quickest economic recoveries in our modern history.\u201d<\/p>\n<p>\u201cOur plan has worked,\u201d she commented. \u201cThe United States experienced the fastest pace of job creation in our history. Household balance sheets are strong. Businesses continue to invest. Our broad and inclusive recovery has outpaced that of many other large economies.\u201d<\/p>\n<p>An <a href=\"https:\/\/www.dailywire.com\/news\/most-top-biden-officials-have-0-years-of-business-experience\">analysis<\/a> from the Committee to Unleash Prosperity, a conservative think tank, found that the top 68 individuals in the Biden administration have spent an average of 2.4 years in the business world, with only one in eight boasting \u201cextensive business experience.\u201d The median length of business experience for Biden officials is zero years \u2014 a significant departure from the median of eight years among top members of the Trump administration.<\/p>\n<p>\u201cSurely we want our political class to have a diversity of backgrounds. We want lawyers, grassroots activists, those with political and policy experience, scientists, health experts, and academics with required specialties,\u201d the report argued. \u201cBut we also want people who have experience running large operations with hundreds and thousands of employees and who understand logistics.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total household wealth in the United States fell $6.1 trillion dollars in the second quarter of 2022, according to data released on Friday by the Federal Reserve. The central bank\u2019s Financial Accounts of the United States report showed that wealth held by households and nonprofits dropped from $149.9 trillion at the end of March to &#8230;<\/p>\n","protected":false},"author":1,"featured_media":573159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1638106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1638106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1638106"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1638106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/573159"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1638106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1638106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1638106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}