How about a little good news that you probably won’t hear in the media? After the big economic downturn due to the coronavirus shutdowns, the economy has already rebounded enough that Americans’ household wealth recently hit its highest level ever.
The shutdown and stock market plunge in April dropped Americans’ total household wealth to $111.3 trillion, but the Federal Reserve reported Monday that in the April-June quarter, it rose nearly 7% to a record $119 trillion. For the quarter ending in June, the value of homes grew $500 billion while stock portfolios leaped by $5.7 trillion. The amount of money in checking accounts rose 33% to $1.8 trillion, while savings accounts rose 6.1% to $11.2 trillion.
It was partly due, of course, to the relief checks and expanded unemployment payments, but it also shows that the economy wasn’t destroyed, it just had the wind knocked out of it by China, and it's already getting back on its feet. I look forward to hearing the numbers for July-September, which I assume will be even better. I hope they arrive before the election so that voters aren’t misled into taking a U-turn back to the economic tar pit of the Obama-Biden years.