Double Whammy: Americans Lost $6 Trillion In Wealth While Being Squeezed By Inflation

Written By BlabberBuzz | Tuesday, 13 September 2022 01:15 AM
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Double Whammy: Americans Lost $6 Trillion In Wealth While Being Squeezed By Inflation

Inflation isn’t just hurting the lower class. It’s also hurting middle-class Americans making up to almost $90,000 a year. Americans are feeling the pinch in their bank accounts, and they’re now losing massive amounts of wealth due to Biden’s inflation.

NBC stated, “Many pandemic-related factors have increased prices for nearly everything. Built-up demand for goods and services combined with consumers’ increased ability to spend their savings, supply chain problems, and labor shortages have contributed to the current inflationary environment.”

Let’s not forget the massive spending the government has enjoyed. You can throw so much money into the air before it impacts Americans, and Americans have to pay for it. Americans are paying for it more than anytime before.

According to Daily Wire, “Total household wealth in the United States fell $6.1 trillion in the second quarter of this year, according to data by the Federal Reserve.”

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That isn’t the only thing that is concerning. The Daily Wire also reported, “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%.”

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Not only are Americans losing wealth, but America might be in a recession. Daily Wire informed us, “The United States recently met the rule-of-thumb definition of a recession — two consecutive quarters of negative growth — since the economy shrank at a 1.6% annualized rate in the first quarter and contracted at a 0.6% pace in the second quarter.”

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The Federal Reserve has developed an approach that includes rising interest rates and less money to maintain some form of stability, but they can only do so much.

The Biden administration continues to claim that the economy has bounced back. Janet Yellen, the Treasury Secretary, stated, “The United States experienced the fastest pace of job creation in our history. Household balance sheets are strong. Businesses continue to invest. Our broad recovery has outpaced many other large economies.”

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