American Households Lost $6 Trillion In Three Months | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Total household wealth in the United States fell $6.1 trillion dollars in the second quarter of 2022, according to data released on Friday by the Federal Reserve.

    The central bank's Financial Accounts of the United States report showed that wealth held by households and nonprofits dropped from $149.9 trillion at the end of March to $143.8 trillion at the end of June, representing a 4% decline.

    Although the value of real estate increased $1.4 trillion, the value of directly and indirectly held corporate equities fell $7.7 trillion. Household debt, meanwhile, increased at an annualized rate of 7.4%. Indeed, the ratio between net worth and disposable income fell from 824% to 778%.

    The United States recently met the rule-of-thumb definition of a recession - two consecutive quarters of negative growth - since the economy shrank at a 1.6% annualized rate in the first quarter and contracted at a 0.6% pace in the second quarter. Year-over-year inflation reached 8.5% in July 2022, according to data from the Bureau of Labor Statistics, with a slight moderation from the 9.1% reading in June 2022 driven by lower energy prices - even as costs for food, new vehicles, medical care, and shelter continue to rise.

    In reaction to persistent inflationary pressures, the Federal Reserve has adopted a hawkish approach to raising interest rates - a policy that tends to restrict economic output as the cost of borrowing money increases. Monetary policymakers' current target is between 2.25% and 2.5%.

    "Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy," Federal Reserve Chair Jerome Powell said in a speech delivered at the central bank's annual symposium in Jackson Hole, Wyoming. "Without price stability, the economy does not work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. The burdens of high inflation fall heaviest on those who are least able to bear them."

    Officials in the Biden administration, however, have dismissed potential inflationary impacts arising from a series of recent federal stimulus packages. Treasury Secretary Janet Yellen praised the business climate under President Joe Biden as "one of the quickest economic recoveries in our modern history."

    "Our plan has worked," she commented. "The United States experienced the fastest pace of job creation in our history. Household balance sheets are strong. Businesses continue to invest. Our broad and inclusive recovery has outpaced that of many other large economies."

    An analysis from the Committee to Unleash Prosperity, a conservative think tank, found that the top 68 individuals in the Biden administration have spent an average of 2.4 years in the business world, with only one in eight boasting "extensive business experience." The median length of business experience for Biden officials is zero years - a significant departure from the median of eight years among top members of the Trump administration.

    "Surely we want our political class to have a diversity of backgrounds. We want lawyers, grassroots activists, those with political and policy experience, scientists, health experts, and academics with required specialties," the report argued. "But we also want people who have experience running large operations with hundreds and thousands of employees and who understand logistics."


poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

927 total vote(s)     What's your Opinion?

poll#161

Considering what is being reported as the most divisive presidential speech - September 1, 2022 - in modern American history, where over 74,000,000 people, many of whom are OUR greatest patriots, were named as fascists by inference or otherwise: Is Joe Biden clearly capable of governing all of the American People to the betterment of this Representative Republic?

  Yes, it is important that Haters are named.

  No, Joe Biden cannot accept criticism when the real truth is his cruelest taskmaster.

  I have no idea what is going on because I only consume Democratic Socialist Media.

629 total vote(s)     What's your Opinion?

poll#132

Considering that Joe Biden is considered by so many to be the Imposter President: Is he actually knowledgeable enough, wise enough, patriotic enough to be this Constitutional Republic's president at this difficult point in these tumultuous times?

  Yes, Mr. Biden is thoughtful and kind, and just so different from the "Orange Man".

  No, this representation of "president" is either too corrupt, too stupid, or both to be a real president.

  I just want the fun guy, who knew how to make stuff work back.

670 total vote(s)     What's your Opinion?

poll#154

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?

  Yes, the Democrats have a bold plan, yet to be revealed, to save us.

  No, there will have to be a complete undoing of the damage done by these Democrats.

  I can't do simple math, so how am I to understand the concept of basic economics.

1,216 total vote(s)     What's your Opinion?