Briefs

The brief’s key findings are:

• The COVID recession brought the economy to a halt, but households got robust government support and asset markets soared during 2020-2021.
• Overall, balance sheets showed some improvements during this period:
  • high-wealth households saw rapid asset growth from the booming markets; and
  • those in the middle got market gains and a boost from government stimulus checks.
• Low-wealth households broke even as the stimulus offset earnings losses, much better than in the Great Recession when they came out way behind.