Americans are wealthier than ever before by some measures, but there’s evidence that we’re all walking close to the edge, thanks to the post-COVID-19 Biden-Era inflation.

While off its record highs, the stock market is still far higher than in the recent past. In late March, the S&P 500 was 20% higher than its late 2021 (preinflation) highs and triple the level of a decade ago.