That's an important reality to keep in mind when understanding today's economy, and the same can be said for private net worth too--
The problem (imho) is that people seem to have gotten it in their little minds that the Fed controls the economy. Left wingers push it so they can avoid being blamed for all the harm they're doing. Right wingers push it so they can sell their gold for $2k/oz. Economists push it so they'll get named to cushy gov't positions. Fact is that raising GDP by cutting interest rates never really worked that well and is now totally spent:
