U.S. Household Wealth Rising for a Few, Dropping for Many

The latest (Dec. 9) Federal Reserve Flow of Funds ("Financial Accounts of the United States,” https://www.federalreserve.gov/releases/z1/) report shows that total household wealth in the United States has been rising rapidly in the past two years, reaching a record $142 trillion after jumping by 4.3% just in the second quarter of 2021. It is up $31 trillion—more than 30%—just in the year to June 2021, thanks to immense Federal Reserve and Treasury money issuance, marking the COVID pandemic as the greatest transfer of wealth in U.S. history.