Median Household Wealth Down 40% From 2007 To 2010
But remember, the private sector is “doing fine” according to our President.
The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes.
The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992.
Also from the article: “The median value of Americans’ debt did not change between 2007 and 2010.”
Couple that with inflation, which is making us all poorer by making the dollars we earn worth less and you see an America not in economic recovery, an America that is not “fine,” but an America that is getting poorer.