High inflation has flattened the growth in American household net worth in recent years, with little net growth in President Biden's first three years compared to his predecessor.
Gains in American households' net worth have flattened during President Biden's administration because of inflation, a new analysis finds. A report by the Wall Street Journal analyzed changes in household net worth from the start of Biden's presidency in comparison to those seen during the tenure of his predecessor and presumptive opponent in the 2024 election, former President Donald Trump.
The Biden administration has blamed global supply chain disruptions as the main factor causing inflation and has defended those pieces of legislation as providing critical financial support to American households as the economy dealt with the pandemic's impact and addressing other pressing policy needs.
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