Trump says you should feel richer. Do you?

For most Americans, the answer to this frequently asked question is: are you better off than two years ago? – is most likely zero or not much, unless they are on the stock market.

Despite the investment accounts, the collective wealth of Americans, despite the strength of the economy, grew by $ 4.7 billion a month under President Donald Trump compared to the two years of his administration before the elections. 2016, according to data from the Federal Reserve.

Another sign that Americans' fortunes are not improving so fast: the money they have – what's in their chequing and savings accounts, as well as in money market funds or under their mattresses – no has grown only 7% since the election of Trump president, according to the latest data from the Fed. This compares to the 13% gain recorded in the two years prior to Trump's election.

In total, America is collectively richer since November 2016. The total net worth of all US households has risen by nearly $ 14 trillion, but 62% of this gain came from investments and does not have the same value. was probably not shared equally. About 10% of the wealth of the stock market is held by the richest 10% of the richest households. In comparison, during the last two years of the Obama administration, 69% of the increase in the net worth of Americans was outside the investment accounts.

In addition, US indebtedness grew faster under Trump, about $ 43 billion more per quarter than under Obama. This figure excludes the growth of the federal debt, which could amount to up to $ 2 trillion, just tax cuts, which in theory will have to be repaid by US individuals, but are officially recorded in the balance sheet of the federal government. government, at least by the government. the Fed, where I got my data.

Nevertheless, it is not easy to determine whether Americans are better off financially or not. Wealth is only part of the equation. About 4.5 million jobs were added from January 2017 to October. Going from unemployed to employed undoubtedly provides a far better improvement in financial well-being than a mere investment account. And people who get their first job or are employed for the first time for some time probably spend a lot of their new income, which is difficult to capture in the wealth data. The value of all durable goods – including cars, appliances and furniture – and all other real estate and non-financial assets owned by US households increased by $ 290 billion between September 2016 and the middle of this year. year, up from $ 277 billion in the previous two years. this. Wages, too, are growing faster than they have been under Obama, although inflation is also rising, which partly offsets this increase.

Trump can boast, at least in part, of the rise in the stock market over the last two years because of his successful efforts with Congress to reduce corporate taxes. He must also assume some of the responsibility for the recent sale, given his penchant for commercial wars.

Trump and others have promised that all Americans will share the benefits of lower corporate tax rates. And Trump has consistently stated, and tweeted, that it's been the best economy for decades, if ever. Yet bank accounts of average Americans have little to show. Instead, in Trump America, there are stock market winners and all the others.

Stephen Gandel is an editorialist of Bloomberg Opinion covering the banking and stock markets. He was previously deputy digital editor of Fortune and blogger in economics at Time. He also covered the finances and the housing market.

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