By one metric, household net worth is running at historical levels …

Interesting analysis by the CBO

Punch line:  When you delate the numbers, i.e. take out inflation effects – household net worth is roughly 5 times disposable income … that’s down from the dot-com and housing booms & busts, but roughly at historical levels.

In other words, the market bubbles were more like sugar-rush outliers … than “new normals”.

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