WASHINGTON (9/24/12)--Several national publications and large-market media outlets ran an Associated Press article that featured comments made by a Credit Union National Association (CUNA) economist regarding households' accumulation of wealth and how that will impact the U.S. economy.
The article resulted from a meeting and subsequent discussions that Bill Hampel, CUNA chief economist, had with Associated Press economics reporter Chris Rugaber.
The AP article was picked up by, among others, USA Today, NBC News, The Huffington Post, timesunion.com, The Washington Post, New York Post, ABC News and The Los Angeles Times.
Americans will add $1.5 trillion to $2 trillion to their net worth in the current July-September quarter, Hampel told AP. That would bring their net worth to about 4.3% below its pre-recession peak, he added.
"We're not there yet, but we're getting close," Hampel said. "Households are rebuilding their capacity to spend."
An increase in wealth could provide many consumers and businesses with the confidence and wherewithal to rachet up their spending, which would bolster U.S. economic growth and job creation, Rugaber wrote.
"That's a key goal of the bond-buying plan the Federal Reserve unveiled last week," he added. "The Fed hopes to drive interest rates down and stock prices up."
To read the article, use the link.