More bad news from the Associated Press.
American households have regained all the wealth they lost in the Great Recession, and since then have added to their equity, setting a new record for household wealth.
“A surging stock market and a steady recovery in home prices drove Americans' wealth to a record last summer,” reported the Associated Press. “The nation's wealth rose 2.6 percent from July through September to $77.3 trillion, the Federal Reserve said Monday. Household wealth has been rising gradually since bottoming at $57.2 trillion in 2008. Early this year, America finally regained all the wealth it had lost to the Great Recession.”
Yesterday I wrote about how the U.S. was minting more millionaires than ever before and how this was very distressing to the folks at the Associated Press.
The AP “news” organization has manufactured news in order to decry the obstacles to creating a society where we all have the same crappy high-rise apartment, with the same government-mandated car, with our children in same state-run daycares disguised as schools.
Millionaires kind of muck that up, especially when created in record numbers.
Now, news comes that we all have more money than ever before.
What a disaster!
Stock market gains have added about a trillion dollars to net worth in the summer while, home equity gains added another half trillion.
“Still, the gains haven't been equally distributed,” says the Associated Press. “The wealthiest 10 percent of U.S. households own about 80 percent of stocks. And home ownership has declined since the recession, particularly among lower-income Americans.”
I guess the AP has difficulty understanding the concept of “wealthiest.”
As a matter of definition, wealthiest only includes, um, the…wealthiest... and they have the most...um...by definition, being wealthiest and all.
That’s why I will offer the AP this simple solution:
You want more Americans to participate in stock market rallies? Then let more Americans participate in the stock market through a government-controlled program that is already in existence.
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