World News Korner

Under Obama households recover almost all of the wealth lost during the Bush administration caused recession.

Courtesy of the LA Times:

American households have regained almost all of the wealth lost during the Great Recession, thanks to surging stock prices and recovering home values.

Total household net worth — assets minus liabilities — expanded 2.6%, or $1.9 trillion, in the third quarter from the second quarter, according to a Federal Reserve report released Monday.

It was the eighth straight quarter of increases and brought the net worth for households and nonprofit organizations to $77.26 trillion at the end of September. In nominal dollars, households already recouped their lost wealth a year ago. But adjusting for inflation, Americans' net worth is still about 0.5% shy of the peak in the third quarter of 2007, just before the recession hit.

The biggest contributor to the latest quarterly gain in wealth was the booming stock market: Household assets in the form of corporate equities and mutual funds jumped by $917 billion, the Fed said. The value of residential real estate owned by households also helped to push up net worth with an increase of about $428 billion.

The big wealth gain was largely enjoyed by wealthy Americans who hold the bulk of stocks. But close to two-thirds of U.S. households own homes, and should housing prices continue to rise, as expected, more Americans should benefit.

Wait, how is this possible? I mean after all President Obama is such a socialist, right?

File this under "More news the Right Wing will never report accurately."

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