Really? The US had a rise of $8.9 trillion in household wealth in 12 months? With all the unemployment, foreclosures, and people on welfare?
That $8.9 trillion figure came from somewhere, but it is not indicative of the average American’s rise in household income. On the contrary, many households have had a decrease in income, homes have been lost, jobs have been lost, inflation is up and income is down.
This is the ultimate “cooking the books” number to make it seem like everyone in the US is doing better financially.
They are figuring this in devalued US dollars (in that case, it might be correct with all that printed play monopoly money put out by the Fed).
If they figured this in gold, how would the books scale out?