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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFamily Net Worth Drops to Level of Early ’90s, Fed Says
http://finance.yahoo.com/news/family-net-worth-drops-level-185603451.html;_ylt=AqJ28H8WgG3LqLHI0a8Dj2CiuYdG;_ylu=X3oDMTQ0a3VtMWlkBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDMDdjNDg1NWQtODc0ZS0zZjI3LWIxZDMtNzFjZGNiYTMwZTljBHBvcwMxBHNlYwN0b3Bfc3RvcnkEdmVyAzI2ZjMzNThiLWIzZjgtMTFlMS05ZDk3LWI4OWNiNWFmM2FlNg--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3WASHINGTON The recent financial crisis left the median American family in 2010 with no more wealth than they had in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said Monday.
The median family, richer than half of the nations 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.
The new data come from the Feds much-anticipated release Monday of its triennial Survey of Consumer Finance, one of the broadest and deepest sources of information about the financial health of American families. The latest survey is based on data collected in 2010. Figures are reported in 2010 dollars.
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Family Net Worth Drops to Level of Early ’90s, Fed Says (Original Post)
Javaman
Jun 2012
OP
trotsky
(49,533 posts)1. Mission accomplished.
They un-did the Clinton boom.
MannyGoldstein
(34,589 posts)2. To be fair...
Much of the roots of our depression came from almost-free trade with China and ending Glass-Steagall - these belong to Clinton.
trotsky
(49,533 posts)3. Oh absolutely.
It's very disappointing.