On the left-hand side we show total assets and liabilities of U.S. households. Consumer balance sheets held up remarkably during the pandemic thanks to massive fiscal support that was geared towards the lower end of the income spectrum. On the top right, we show the household debt service ratio, which is the percent of after-tax income used to make payments on mortgages and other consumer debt. At about 8%, it now sits at a 40-year low. On the bottom right, we show household net worth, which only modestly retreated during the pandemic, and has since grown commensurately with large stock market gains.