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The average American family is 37% richer since the pandemic

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There has been a 37% growth, nearly $193,000, in the average American net worth from 2020 to 2023, the fastest in three decades.

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Lower interest rates during the pandemic meant that families could pay off their debts more easily.

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Increased home values and rising stock prices reflected this improved net worth, which occurred despite 20 million Americans losing their jobs in 2020.

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A total of $5 trillion in government aid helped people regain their jobs and recover from the recession faster than in 2008.

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However, Americans' improved net worth also translated into one of the most severe periods of inflation in four decades due to their extra spending power.

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This also explains why the U.S. economy has remained steady this year. Consumers have not stopped spending even though prices are rising steadily.

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The third quarter has seen a 4% economic growth with people spending on goods and services like airline travel, restaurants, entertainment, and more.

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Other improvements include wage hikes in low-income jobs, indicating that businesses tried to attract much-needed workers in 2020.

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