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.