Family Net Worth Drops to Level of Early ’90s, Fed Says

[NeoConsSuck]

Source: NY Times

WASHINGTON — The recent financial crisis left the median American family in 2010 with no more wealth than in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said on Monday.

The median family, richer than half of the nation’s families and poorer than the other half, had a net worth of $77,300 in 2010, down from $126,400 in 2007, the Fed said. The crash of housing prices explained three-quarters of the loss.

This vast loss of wealth was compounded by a loss of income, as the earnings of the median family fell by 7.7 percent over the same period.

<snip>
The losses of income and wealth fell most heavily on the middle class. Families with incomes in the bottom and top 20 percent of the population sustained smaller losses on a percentage basis than those families in the middle 60 percent.


Read more: http://www.nytimes.com/2012/06/12/business/economy/family-net-worth-drops-to-level-of-early-90s-fed-says.html

[Faygo Kid]

1. Good job, W.

Worst. President. Ever.

[cstanleytech]

2. What do you think the W stood for? nt

[KatyaR]

3. I wish my value was what it was in the 90s.

It hasn't been that for years....

[FailureToCommunicate]

4. And how did the 1%ers do in that same time period?

Thanks Reagan.
Thanks Bush.
Thanks spineless Democrats.

Sickening.

[Jerry Frey]

8. You got that right.

Claims of class warfare by plutocrat Publicans ring hollow when one salient fact is considered: the eviseceration of our manufacturing base. Everyone can not obtain an education to beome employed in the heath care or IT fields. Lack of funds, transportation, or unsuitability are factors. Relatively few people have the talent to become a professional athlete or an artist or a blogger. There are those members of society whose “skill set” is conducive to performing repetitive tasks on a production line.

http://napoleonlive.info/economics/class-warfare-facts-3/

[NeoConsSuck]

5. After reading the article

my first thought was this was further proof of 'Peak Capitalism'. After giving it a second thought, I don't think the 'haves' and 'have mores' are suffering from Peak Capitalism, but I think the peasants have seen the peak of their living standards.

The upper crust keeps taking a larger piece of the financial pie, with the middle and lower classes getting less and less. And nothing about this country is giving me hope that things are going to change.

[lib2DaBone]

6. The goal of the 1% is to further reduce standard of living 25% in the U.S.

The transfer of wealth to the world bankers will accelerate...

[Jerry Frey]

7. Both political parties are to blame

Claims of class warfare by plutocrat Publicans ring hollow when one salient fact is considered: the eviseceration of our manufacturing base. Everyone can not obtain an education to beome employed in the heath care or IT fields. Lack of funds, transportation, or unsuitability are factors. Relatively few people have the talent to become a professional athlete or an artist or a blogger. There are those members of society whose “skill set” is conducive to performing repetitive tasks on a production line.

http://napoleonlive.info/economics/class-warfare-facts-3/