American welfare reaches historic high

The net worth of American families and US non-profit groups hit an all-time high in the second quarter of 2020. This is evident from the data of the Federal Reserve System.

The welfare indicator jumped 6.8 percent to $118.96 trillion. This is $380 billion more than at the end of 2019. Analysts say the is recovering faster than expected. However, the federal government’s debt rose by a record of 58.9 percent (to $22.58 trillion).

Household debt increased by 0.5 percent and mortgage liabilities by three percent. Business debt rose 14 percent in the second quarter of this year.

By 2050, the US national debt will double, from 98 percent of GDP in 2020 to 195 percent. This is stated in the report of the US Congressional Budget Office.

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