HEDONISM: American Net Worth Rose to $90 Trillion in Q3; Markets Soar to Record Highs

It truly is astonishing that Trump got elected on the platform of ‘this economy blows, I’ll make America great again’, while, simultaneously, US household wealth drifted, effervescently, to new record highs of $90 trillion.

Markets have gained more than $1 trillion in market cap since the election and nothing seems to be able to stop the Santa Claus Rally.

Under a globalist system of cheap labor, high production capacity, and targeted marketing, Government obligations rose by 8%, household debt by 4% — whilst household net worth rose by 1.8% in the third quarter.

Imagine a country where 75% of its citizenry have less than $1k in their bank accounts, up to their eyeballs in debt to buy the new baubles promoted by Madison Avenue. The upper crust elite, hard working and industrious, keep expanding their many millions of dollars of personal wealth, both enjoying business growth and stock market gains.

That’s America today. Good luck trying to fix that situation, Mr. Trump.

Net worth for households and non-profit groups rose by $1.59
trillion, or 1.8 percent, to a record $90.2 trillion in July through September from the previous three months, according to Fed’s financial accounts report, previously known as flow of funds survey

Value of financial assets, including stocks and pension fund holdings, rose $1.16 trillion

Household real-estate assets climbed by $499 billion; owner’s equity as a share of total real-estate holdings increased to 57.3 percent from 56.8 percent

The Details

Household debt increased at a 4 percent annual rate last quarter after a 4.3 percent pace in the second quarter

Mortgage borrowing advanced at a 2.9 percent pace; other forms of consumer credit, including auto and student loans, climbed at a 7.5 percent rate, which was the most since 2Q 2015

Total non-financial debt grew at a 5.8 percent annual pace after 4.3 percent in the previous three-month period

Federal government obligations expanded 8.2 percent, state and local government debt advanced at a 0.8 percent pace, while business borrowing increased 6 percent