The latest numbers on household wealth from the Federal Reserve Board shows that household net wealth has increased by 25% under Joe Biden’s presidency. That’s a decent number and only a little lower than the 37% under Trump.

Except…when we adjust for inflation we see a big difference. Almost all the wealth gains under Biden are due to inflation. Under Trump almost all of the gains were real increases in wealth.

This is a big deal for seniors who live off of the returns on their lifetime savings.