(Tom Williams/CQ Roll Call File Photo)
President Barack Obama has a new line he’s been trotting out as he talks to Democratic party donors — a claim that “trillions of dollars of wealth” have been restored on his watch.
Turns out, the line is true.
Household wealth has soared by trillions since Obama’s inauguration. And it’s now at an all-time high.
In 2008 alone, the total net worth of households and nonprofit organizations plummeted by more than $10 trillion to $57.2 trillion, according to Federal Reserve data. Since then wealth has soared more than $23 trillion to $80.7 trillion at the end of 2013. (See page 108, Line 42).
That’s $13 trillion above the pre-Obama yearly all-time high of $67.7 trillion at the end of 2007. Net worth now amounts to about $250,000 per U.S. resident.
Nearly $10 trillion of that improvement in net worth came just in 2013.
What Obama doesn’t mention is that federal debt has also soared since he took office. The national debt is now close to $17.5 trillion — up nearly $7 trillion — or $22,000 per U.S. resident — since he took office.