Boom time in housing hides the market slump

From: The Scotsman | Date: October 14, 2003| Author: | Copyright information

A STOCK market slump, a spending and borrowing boom, higher taxes and a tentative, hesitant economic recovery: by logic and experience household wealth should have taken an enormous knock in the past two years.

We have borrowed to the hilt and spent way over our means, leaving average households in the red. Right?

Wrong and wrong again. Not only has personal household wealth absorbed the borrowing boom of the past two years, but households are now, in aggregate, wealthier than at the peak of the stock market boom back in 2000.

For many of us, that's not at all how it feels. Our pools of ...

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