Net Worth

   For all the talk about hard times and a dreadful economy, it may be useful to step back and take a look at net worth in America.
   For households, it took a tumble during the Great Recession, but has grown over the past five years or so, topping out at $70.3 trillion in this year's first quarter, after bottoming out at $54.1 trillion in 2008. Just as a point of reference, the total net worth of all households in America in 2003 was $48.0 trillion.
   As for debt, which political types are fond of ranting about, it grew by 4.6 percent in the first three months of this year, a tad less than it grew in 2012.
   Federal nonfinancial debt grew by 10.3 percent in the first three months of this year. a slower growth rate than in 2012 -- 10.9 percent -- which was slower than the 11.4 percent increase in 2011. Granted, federal debt grew by 24.2 percent in 2008, but sign that off as a way for government to spend the country out of the Great Recession that began the year before.
   Meanwhile, state and local government debt has been fading. It was down by 1.7 percent in 2011, and down another 0.2 percent in 2012, but resumed a rise during the first quarter of 1.9 percent.

   So while state and local governments may be holding the budget line (they must operate on a balanced budget), even the federal government seems to be cutting back.
   At least, that's the impression gained from reading a summary of data from the Federal Reserve Board, released on Monday.