Family net worth plummets nearly 40%
The average
American family's net worth dropped almost 40% between 2007 and
2010,
The stunning drop
in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- indicates
that the recession wiped away 18 years of savings and investment by families.
What they meant to
say was outsourcing, off shoring, and deregulation wiped out 18 years of
savings. They should really let me proof read these articles before they
publish them.
In 2007, the
median homeowner had a net worth of $246,000. Three years later that number had
fallen to $174,500, a loss of more than $70,000 on average. Isn’t deregulation
great…..
Making matters
worse, income levels also fell during the tumultuous three-year period, with
median pre-tax income falling 7.7% as earnings from capital gains all but
disappeared. Wow every ones
imaginary wealth disappeared….Who could have predicted that would
happen…….
The report also indicated that families with more assets at the start of the recession were able to retain more of their net worth than less fortunate families.
Families in the top 10% of income actually saw their net worth increase over the period, rising from a median of $1.17 million in 2007 to $1.19 million in 2010. The rich got
richer….. They deserve it.
Meanwhile,
middle-class families who ranked in the 40th to 60th percentile of income
earners reported that their median net worth fell from $92,300 to $65,Oh that is too bad…. Average people got hosed again. Isn’t capitalism great…..
Once again trickle down economics didn’t trickle.900 over
the same time period.
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home