Thursday, March 08, 2007

America getting Richer

The AP reports today that the net worth of US citizens is up in 4Q07: The net worth of U.S. households climbed to a record high in the final quarter of last year, boosted mostly by gains on stocks, the Federal Reserve reported Thursday.

Net worth — the difference between households' total assets, such as houses and bank accounts, and their total liabilities, such as mortgages and credit card debt, totaled $55.6 trillion in the October-to-December quarter.

That marked a 2.5 percent growth rate from the third quarter, the previous quarterly record high. Stocks gains helped fuel the increase in net worth, although real-estate gains played a role, too.

But of course, the sky is falling all depending on who you read. I'd simply offer that it's feasible to have different parts of the overall economy performing...differently. Happens all the time; doesn't mean it's the end of the world or heaven-on-earth.

Anyway, I just find such stats as these humorous in light of all the nay-saying that's been going on about Bush's horrible economy.

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