American households flush with cash in immediate financial golden age, recession fears next year

Experts say this is the peak of the country’s boom, with half the workforce holding retirement accounts and many having homes. But the good times did not last long. This photo shows the Senior Golf Tournament starting in April in Mississippi. (The Associated Press)

The New York Times reported that this is an era of political division and cultural upheaval, but what politics and the media talk less about is that it is also the golden age of finance for millions of Americans.retireAccount people climb, employers chaseLabourRun, but that will all change once the current economic boom is over.

The future is bright for America’s 158 million working workers since man has not landed on the Moon; Half of them have retirement accounts that have been filled by an expanding bull market in stocks. There are 83 million homeowners in the United States. Given the current housing market price, which continues to climb, many American families like to “piggyback” living.

The recent “recession” in the stock market may indicate that the current boom is coming to an end with a slowing economy, high inflation, and continued increases in natural gas prices and interest rates that could hurt economic gains for years.

But for now, the current economic boom has brought in plenty of wealth, not only quietly rewriting the definition of retirement, but also fueling the prosperity of Silicon Valley and the leisure and entertainment industry; Corporate profits have reached record highs, and the general public has the opportunity to get better jobs.

The Federal Bureau of Labor Statistics (BLS) noted last week that more than 4.5 million workers left their jobs voluntarily in March, the highest number since records began in 2000; A few years ago, the total number of monthly departures was only 3 million. 3.5 million.

The federal government announced on the 11th that the inflation index in April was 8.3%, slightly lower than March, but still at a 40-year high, and people have begun to feast...
The federal government announced on the 11th that the inflation index in April was 8.3%, slightly lower than in March, but still at a 40-year high. The photo shows a supermarket in North Bethesda, Maryland, with customers choosing cheap cereals. (Getty Images)

About 40 million households are doing well, said Dean Baker, senior economist at the Center for Economic and Policy Research (CEPR). “To see a similar golden age, you have to go back to the late 1990s and the 1960s before that.”

One or two can be seen from the data. For the first time ever, the number of workers who think they are still working in their early 60s has dropped below 50%; There are more than 1,000 start-up companies with a market value of more than 1 billion yuan, about 200 more in 2015, and labor unions of many large companies have also requested to increase the hours, wages of their employees.

However, there are many facets of the economy, with cheap home prices skyrocketing in 2000 for the past six years, and now renters in many parts of the country cannot afford to buy a home. Overall in 2020 as wellreal estateThe homeownership rate climbed to 65.5%, and the homeownership rate for African Americans is still only 43.4%, even lower than the 44.2% in 2010, and the same for Hispanics.

The New York Times pointed to the disparity in real estate ownership rates among ethnic groups as a possible reason for the lack of discussion of these achievements. Politicians are mostly silent, with Baker pointing out that Republicans don’t want to praise any of President Biden’s achievements, while Democrats want to talk about jobs and wage growth, but also understand that many people are currently suffering from inflation. are victims.

For the first time in decades, American households have more cash than debt, and officials have encouraged spending that money, but inflation is relatively high, prompting the Federal Reserve to raise interest rates. has been forced; facing an economic downturn.

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