6/15/2012

Median net worth of families plunges by 39 percent from 2007 to 2010

So how will people answer the question about how well off they are during the election?  From the Washington Post:
The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with ­middle-class families bearing the brunt of the decline.
The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
The data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross. . . .
Their median net worth — the value of assets such as homes, automobiles and stocks minus any debt — suffered the biggest drops. . . .

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2 Comments:

Blogger cmblake6 said...

I just linked this at my blog. And this on the back of that very middle class.

6/15/2012 8:18 PM  
Blogger Jacob Israel said...

Since net worth was already down 39% two years ago BEFORE obamacare was declared "constitutional" by IDIOT SAVANTE John Roberts, if that trend simply continued, rather than accelerated (as it most likely did), then net worth per household is now down to $44,567, a breathtaking 64.7% plunge from its peak in 2007. obamacare robs at least another one trillion dollars per year from American taxpayers which means that net worth per household by this time next year cannot possibly be higher than $34,597.

7/04/2012 6:18 AM  

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