American household wealth surges to new record--Fed
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Heaven forbid that some liberals read this. They'll be lined up to get ready to demand more of their share of these increases so that they can help the government balance the budget on the back of all of this new found wealth.
headline is linked.
American household wealth surges to new record--Fed
WASHINGTON (Reuters) - Rising real estate prices and a resurgent U.S. stock market pushed the net wealth of American households to a record high in the fourth quarter of 2004, the Federal Reserve said Thursday.
In its quarterly "Flow of Funds" report, the central bank said household balance sheet values rose to $48.53 trillion in the fourth quarter, up from $46.59 trillion in the third quarter.
The third quarter net worth was originally reported at $46.68 trillion, which had also been a record. The data is not seasonally adjusted.
Higher values for real estate, equities and mutual funds led the net wealth gains in the fourth quarter, the Fed said. Pension fund reserves also posted a healthy increase.
Elsewhere in the report, the Fed said borrowing outside the financial sector rose at an annual rate of 8.3 percent in the fourth quarter, growing at the same rate as the prior three months. For 2004 as a whole, the Fed said non-financial debt rose 8.5 percent compared to 8.0 percent in 2003.
Household debt grew 9.4 percent in the fourth quarter after a 11.5 percent expansion in the earlier period. The Fed said the deceleration reflected slower growth in mortgage debt and consumer credit.
Household debt increased 11 percent for 2004 as a whole, compared to a 10 percent gain in 2003, the Fed said.
This can't be good for these people. Surely there will be a stream of cries among some to tax this wealth and use the money to pay for more services (or the same ones we currently have). Too many people become more well off is a bad thing. It will surely leave too many people behind.
We absolutely must, must, must raise taxes on these people back to the 1990s level so that we can stop this new wealth from going to the people that worked to earn it, and have struggled to pull themselves up in society. We can't let this happen without getting the money into the governments hands, no matter how badly the people that have done the work deserve the rewards and may need the money for other purposes.
Yup, that's the answer, just go back to those old higher tax rates and collect more money for the government to use to pay for the obligations that the prior generations created for us.
NOT!!!
headline is linked.
American household wealth surges to new record--Fed
WASHINGTON (Reuters) - Rising real estate prices and a resurgent U.S. stock market pushed the net wealth of American households to a record high in the fourth quarter of 2004, the Federal Reserve said Thursday.
In its quarterly "Flow of Funds" report, the central bank said household balance sheet values rose to $48.53 trillion in the fourth quarter, up from $46.59 trillion in the third quarter.
The third quarter net worth was originally reported at $46.68 trillion, which had also been a record. The data is not seasonally adjusted.
Higher values for real estate, equities and mutual funds led the net wealth gains in the fourth quarter, the Fed said. Pension fund reserves also posted a healthy increase.
Elsewhere in the report, the Fed said borrowing outside the financial sector rose at an annual rate of 8.3 percent in the fourth quarter, growing at the same rate as the prior three months. For 2004 as a whole, the Fed said non-financial debt rose 8.5 percent compared to 8.0 percent in 2003.
Household debt grew 9.4 percent in the fourth quarter after a 11.5 percent expansion in the earlier period. The Fed said the deceleration reflected slower growth in mortgage debt and consumer credit.
Household debt increased 11 percent for 2004 as a whole, compared to a 10 percent gain in 2003, the Fed said.
This can't be good for these people. Surely there will be a stream of cries among some to tax this wealth and use the money to pay for more services (or the same ones we currently have). Too many people become more well off is a bad thing. It will surely leave too many people behind.
We absolutely must, must, must raise taxes on these people back to the 1990s level so that we can stop this new wealth from going to the people that worked to earn it, and have struggled to pull themselves up in society. We can't let this happen without getting the money into the governments hands, no matter how badly the people that have done the work deserve the rewards and may need the money for other purposes.
Yup, that's the answer, just go back to those old higher tax rates and collect more money for the government to use to pay for the obligations that the prior generations created for us.
NOT!!!
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