Americans' wealth grows, lifting hopes for economy

Americans’, largely in the dark about the forced driving stock market higher, are becoming “wealthier” from an illusion provided by currency devaluation. Truth is, Americans’ inflation adjusted purchasing power is rapidly declining, but that interpretation doesn’t sell well to public still in denial.

Household net worth grew 2.2 percent in the July-September quarter, fueled by a rally on Wall Street that catapulted stock prices. And stocks have risen more since the new quarter began Oct. 1, further boosting wealth.

Those increases are lifting hopes for the economy, especially because Congress seems about to pass a package of tax cuts for most Americans. Both factors help: The stock gains make people feel wealthier. And the tax cuts put more spending money in their pockets.

Source: finance.yahoo.com