DID YOU KNOW?

According to the Federal Reserve, households headed by people over the age of 55 own 73% of the value of domestically owned stocks, and the same share of America’s total wealth. Households of ages 65 to 74 have an average of $1,066,000 in net worth, while those between ages 35 and 44 have less than a third as much on average, at $288,700.

 

DID YOU KNOW?

The U.S. government’s red ink for fiscal 2019 swelled past the $1 trillion mark in August, the first time that level has been eclipsed in 7 years, according to the Treasury Department. The total shortfall rose to nearly $1.07 trillion - up from $584.6 billion in 2016 before the new 2017 tax plan took effect - thanks to a difference between revenue and expenses of more than $214.1 billion in August. The government last saw that large of a fiscal deficit in 2012 at the tail end of the GREAT RECESSION, when the gap was nearly $1.1 trillion. The national debt, which is now at $22.5 trillion, is up 13% since 2016. However, the deficit as a percentage of GDP has contracted significantly over the past several years, from a peak of 9.8% in 2009 to about 5% today. (CNBC)