Well, here’s some more gloomy economic news. The Washington Post reported that the net worth of Americans has plunged by a whopping 40% – all the way down to 1992 levels. President Obama to blame Bush in 3,2,1…
The Great 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 biggest drops occurred among middle-income Americans, whose wealth was inextricably linked to the housing market boom and bust. Meanwhile, the wealthiest families actually saw their median income rise slightly.
The data represents one of the most detailed looks so far how Americans’ finances have weathered the economic downturn. It underscores both the depth of the wounds of the financial crisis and how far many families remain from healing. (Read More)
Are you better off than you were four years ago? Judging by this news, for most of you, the answer is “no.”
Update: Linked by Scared Monkeys – thanks!