Certain politicians from a certain political party insist that the economy is taking and that we are in a recession. But through all their whining and bitching, the economy just keeps chugging along. Now Reuters reports that household wealth has swelled to a new record, while the growth of debt has slowed.

In its quarterly Flow of Funds report, the Fed said household balance sheets increased 1.4 percent to $45.907 trillion in the second quarter, compared to an upwardly revised $45.270 trillion in the first quarter of this year.

First-quarter household wealth was initially reported at $45.153 trillion.

This is what happens when you let people keep more of their own money, rather than having it seized by politicians in Washington.