Given that the average ratio since the 1950s is only about 4 percentage points, it is clear how high the prices of stocks and housing have soared during the pandemic. On the other hand, household debt has stayed low since the Global Financial Crisis (GFC).
The labor supply constraints in the United States are considered to be largely attributable to an increase in employees' early retirement; the asset and liability situation of U.S. households that I just described probably explains the reason behind this increase.