American household wealth took a staggering nosedive during the second quarter of the year, according to the Federal Reserve’s report that dropped Friday.
The Daily Caller reports:
Household net worth fell by $6.1 trillion between the end of March and the end of June, Reuters reported. Through the month of June, Americans’ collective wealth fell by more than $6.2 trillion from $150 trillion at the close of 2021.
Economic woes are continuing to afflict Americans. More than half of Americans say rising prices are making their lives worse, a percentage which increased steadily from previous months, according to a Gallup poll published in September. Seventy-four percent of respondents who said their financial situation was severe made less than $48,000 a year, according to the poll.
An economist at the Heritage foundation estimated the average American worker has lost almost $3,400 in annual income since Biden became president.
A Federal Reserve survey released Wednesday found the American economy had remained “generally weak,” reporting that regional banks across the country have experienced contractions.
Joe Biden’s Treasury Secretary Janet Yellen insists she is persistently optimistic, but Americans who are now much poorer than they ever were before may differ in their opinions of the economy.