Bidenomics
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401(k) and IRA millionaires club rapidly expanded:
https://www.washingtonpost.com/business/2024/08/30/401k-millionaires-secret/
The number of 401(k) accounts with $1 million or more increased 31 percent, to 497,000 in the second quarter compared with the same period a year earlier, according to Fidelity Investments, one of the largest administrators of workplace retirement plans. The number of IRA millionaires hit a record 398,594, up 14 percent.
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Inflation.
Did you know that less than $800/month in the Weimar Republic would buy you a multi-bedroom apartment, a live-in butler/cook, all other living expenses and a full-time mistress? OTOH, you couldn't even pay the apartment rent with a wheelbarrow load of marks.
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https://www.foxbusiness.com/economy/cpi-inflation-august-2024
The Labor Department on Wednesday said the consumer price index (CPI) — a broad measure of how much everyday goods like gasoline, groceries and rent cost — rose 0.2% in August from the prior month, in line with the expectations of economists polled by LSEG.
Prices climbed 2.5% in August from the same time last year, slightly less than LSEG estimates and down from 2.9% in July.
Overall, the report indicates that inflationary pressures in the U.S. economy are continuing to ease, though prices remain above the Federal Reserve's 2% target.