Americans may be richer, but they’re not happier

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US household wealth has hit an all-time record of $154.3 trillion. 

So what?

“Americans have never been wealthier,” CNN’s Matt Egan reports, and then raises the most common — and least relevant — issue: “Despite the economy’s improving fortunes, the public is not giving the White House credit.” 

Why doesn’t President Biden get more credit for the happy state of the economy? 

For one thing, presidents don’t have as much influence over the economy as they pretend to; for another, the state of the US economy is not actually all that happy. 

It is true that American wealth is at an all-time high, in “nominal” terms — meaning when not adjusted for inflation.

In fact, that record wealth is, in an important way, the result of the destructive inflation of the past several years.

As the purchasing power of the dollar has collapsed at the grocery store or the gas pump, the price of stock shares, houses, and other investment assets has increased. 

Read the full article on the New York Post.