Skip to comments.Federal Reserve: Family Net Worth Fell Almost 40% Between 2007-2010
Posted on 06/11/2012 1:40:18 PM PDT by TonyInOhio
Families median net worth fell almost 40% between 2007 and 2010, down to levels last seen in 1992, the Federal Reserve said in a report Monday.
As the U.S. economy roiled for three tumultuous years, families saw corresponding drops in their income and net wealth, according to the Feds Survey of Consumer Finances, a detailed snapshot of household finances conducted every three years.
Median net worth of families fell to $77,300 in 2010 from $126,400 in 2007, a drop of 38.8%the largest drop since the current survey began in 1989, Fed economists said Monday. Net worth represents the difference between a familys gross assets and its liabilities. Average net worth fell 14.7% during the same three-year period.
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Between 2007 and 2010, incomes also dropped sharply. In 2010, median family income fell to $45,800 from $49,600 in 2007, a drop of 7.7%. Average income fell 11.1% to $78,500, down from $88,300. That was a departure from earlier in the decade. During the preceding three years, median income had been constant, while the mean had climbed 8.5%.
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Incomes dropped the most among middle-class families. The wealthiest 10%, by net worth, saw their median income fell 1.4% over the three years, while families in the second and third quartiles experienced a drop of 12.1% and 7.7%, respectively. The lowest quartiles median income fell by 3.7%.
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The cake is baked - this report, alone, forecasts the end of Our National Embarrassment's tenure of office.
What year did Nancy Pelosi and democrats officially take over congress again?
Most of that likely due to the stock mkt crash where the market lost over 50 percent. Of greater interest to me would be to see the data over say the last 2 years in this wonderful receovery period we keep hearing abouit.
These figures are a result of the real estate crash. For many families, their greatest asset was the equity in their home.
If a Republican was president today, you would see the terms “economic depression” written on a daily basis. Let alone “worst economy since the 30’s”.
The daily headlines would be screaming about financial pain, suffering and loss. A balanced media would have consumer confidence in the negatives and all political incumbents in fear for their jobs.
The fall of the median family income is not.
Instead, that is the result of opposition to the Won, also known as the Rising Tide of Racism in Amerika (trademark).
The private sector is doing fine.
Speaking of Pelosi, her net worth has been going up by the millions, aided by her insider trading exemption. Everyone else attached to government is doing well, too.