Most Americans Got Richer During the Pandemic

Wall Street Journal: “U.S. households added $13.5 trillion in wealth last year, according to the Federal Reserve, the biggest increase in records going back three decades. Many Americans of all stripes paid off credit-card debt, saved more and refinanced into cheaper mortgages. That challenged the conventions of previous economic downturns. In 2008, for example, U.S. households lost $8 trillion.”

Axios: “Americans with limited options to spend during the pandemic saved more than usual. And while it’s unclear how this money will be spent, everyone agrees this is awesome for the economy.”

“Wells Fargo estimates $2.4 trillion in excess savings has been accumulated by consumers since the beginning of the pandemic. And consumer spending accounts for about 68% of GDP.”