New research from a liberal think tank has found that Americans’ median income has fallen by a whopping one-third over the past decade. But it’s not all bad news, the wealthy are doing just fine, according to the Washington Examiner.
The median American household saw its wealth decline by more than one-third in the past decade, according to a new estimate published by the Russell Sage Foundation.
Researchers writing for the left-of-center think tank found that median net worth declined from $87,992 in 2003 to $56,335 in 2013. The study examined data from the Panel Study of Income Dynamics, a longitudinal survey of American households run by the University of Michigan.
Median household wealth peaked at just under $100,000 in 2007, right before the housing bubble burst and the financial crisis began. While the researchers for the Russell Sage Foundation found that households in the top 10 percent have recovered the wealth levels of 2003, lower-wealth households have not. (Read More)
The study also found that wealth is now more concentrated at the top, so economic inequality is worse under President Obama. Someone should let him know, because he doesn’t seem to have a clue.
In related news, more than one third of Americans have unpaid debts that have been reported to collection agencies.
H/T Truth Revolt