Monday, May 23, 2022 8:36:41 AM
US households have seen about $20 trillion in net worth disappear in 2022 under Joe Biden, a loss far greater than under any other US president in history.
In short, the world’s richest nation is waking up to an unpleasant and unfamiliar sensation: It’s getting poorer... and worst of all, it's getting poorer at the behest of its own leaders.
Since the start of the year, the S&P 500 Index is down 18%, the Nasdaq 100 has lost 27% and a Bloomberg index of cryptocurrencies has plunged 48%. That all amounts to “a wealth shock that is set to drag on growth in the coming year,” JPMorgan economists led by Michael Feroli wrote in a note Friday.
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