Stellar Snippets
There has been a 37% growth, nearly $193,000, in the average American net worth from 2020 to 2023, the fastest in three decades.
Lower interest rates during the pandemic meant that families could pay off their debts more easily.
Increased home values and rising stock prices reflected this improved net worth, which occurred despite 20 million Americans losing their jobs in 2020.
A total of $5 trillion in government aid helped people regain their jobs and recover from the recession faster than in 2008.
However, Americans' improved net worth also translated into one of the most severe periods of inflation in four decades due to their extra spending power.
This also explains why the U.S. economy has remained steady this year. Consumers have not stopped spending even though prices are rising steadily.
The third quarter has seen a 4% economic growth with people spending on goods and services like airline travel, restaurants, entertainment, and more.
Other improvements include wage hikes in low-income jobs, indicating that businesses tried to attract much-needed workers in 2020.