Inflation Erases US Household Wealth Gains Under Biden, Research Indicates

Over the last three years, household wealth has surged due to a combination of higher stock market returns, rising property values, and pandemic-era fiscal stimulus. However, new research indicates that rampant price inflation has nearly erased all of these gains. The Wall Street Journal recently published an analysis, shared by George Mason University professor Todd Zywicki on social media platform X, that assessed changes in U.S. household net worth, from cash and stocks to bonds and property, under Presidents Joe Biden and Donald Trump. Using data from the Federal Reserve Bank of St. Louis, the publication found that nominal household net worth climbed by 19 percent in President Biden’s first three years in office. However, real (inflation-adjusted) net worth rose by 0.7 percent in this span....