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Most Americans Got Richer Even the Rich ones Too

The ongoing coronavirus pandemic has charged the Americans into decline. Instead of becoming poorer, many came out to be expectedly richer.According to the Federal Reserve, the US households added $13.5 trillion in wealth during the last year and made the most significant increase in the records going three decades back in the past.

Many Americans of all bands have paid off their credit-card debt and have saved more and refinanced their money into cheaper mortgages. That defied the agreements of the previously done economic downturns. For example, in the year 2008, US households had lost $8 trillion.

In some ways, the uniqueness of the Covid-19 decline and the recovery rate should not be a surprise. The scope of the pandemic was extraordinary in the progress of the modern era.So was the financial response made by the Government. The Americans had borrowed, lent, and spent around trillions of dollars to save the economy from dropping further than it did in between the pandemic times.

These actions were the focus of the unfamiliar nature of both the recession and the recovery. They have also driven much of the unexpected success made by the stock markets. The reduced interest rates enticed more investors to invest in stocks, and the workers stuck at home, and those who have tried their hands at trading, and the tech giants that have gained even more ground during the lockdown imposed due to the growing pandemic.

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