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Study: American Households Hit 43-Year Low In Net Worth
CBS DC ^ | November 30, 2012 | Edward N. Wolff

Posted on 12/02/2012 10:28:58 AM PST by george76

The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.

According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.

According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent. The “less than $10,000″ figure includes the numerous households that have no assets at all, or “negative assets,” which is otherwise known as “debt.”

(Excerpt) Read more at washington.cbslocal.com ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: depression; householdincome; income; networth; recession

1 posted on 12/02/2012 10:29:04 AM PST by george76
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To: george76

4 years of HusseinO undermining the American economy. And we have another 4 years to “look forward to”)


2 posted on 12/02/2012 10:36:38 AM PST by faithhopecharity (--)
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To: george76

My wife and I are in the negative, and always have been, perhaps with exception for when we were MUCH younger and had no debt at all.

Chances are, if you have two newer cars sitting in the garage at your home and a mortgage, you have a negative net worth.


3 posted on 12/02/2012 10:38:28 AM PST by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: george76
A few Colorful and Illuminating Graphs


4 posted on 12/02/2012 10:38:28 AM PST by HangnJudge
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To: george76

This is what happens when a clown from Kenya spreads OUR wealth around. Elections do have consequences. The “lady parts” voters aren’t as smart as they think they are.


5 posted on 12/02/2012 10:47:27 AM PST by FlingWingFlyer (Don't tax me bro! Tax that guy over there!)
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To: george76

Looking at those charts, it looks like the US economy cratered around 1981, and hasn’t really recovered since, more like a series of death throes. I remember 1981, pretty lean times. I think it coincides with the death of heavy industry in the US, based on what I saw at the time, and what has gone on since then.


6 posted on 12/02/2012 10:52:02 AM PST by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: george76

I was just told on another thread, someone easily and happily lives off 11k per year....lol

Sounds like 3 visits to a dentist to me.

Welcome to the new America. For gifts this Christmas, exchange cannd food. I like Chef Boyardee Ravioli. In fact at the local food bag store, they have T-bone for 19 cents a pound. With meat, $11.95


7 posted on 12/02/2012 11:02:10 AM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: FlingWingFlyer
This is what happens when a clown from Kenya spreads OUR wealth around. Elections do have consequences. The “lady parts” voters aren’t as smart as they think they are.

It all makes sense to me. By destroying the wealth of individuals, we will all be equal. At some point we all become wards of the all powerful government. No winners, no losers, all just workers for the greater glory of the state.

Incidentally, the ladies will still have their assets.

8 posted on 12/02/2012 11:04:19 AM PST by oldbrowser (Put Obama in check, now.)
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To: george76

Actually, everything is stupendous! GDP is up, home sales are ‘trending’ up. Unemployment is ‘trending’ down. Stock market made some fantastic advances (albeit small in the light of declines recently), and the public ‘mood’ is extremely “Hopey/Changey Hopeful”.....

It must be true. I’ve been seeing this on CNN for a few weeks now. Rosy, rosy, rosy —— upbeat, upbeat, upbeat....

They’re even ridiculing the GOP about how ‘out of touch’ they are and how ‘they’ need to kiss hispanics, blacks, asians, homos’ collective asses and beg for forgiveness.

Everything is just ducky.


9 posted on 12/02/2012 11:05:57 AM PST by Gaffer
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To: factoryrat
Looking at those charts, it looks like the US economy cratered around 1981, and hasn’t really recovered since, more like a series of death throes. I remember 1981, pretty lean times. I think it coincides with the death of heavy industry in the US, based on what I saw at the time, and what has gone on since then.

Yeah, I remember all the plant closings here in Pittsburgh from 1978 onward. I once read an article by libertarian Robert J. Ringer where he basically said the economic depression or collapse we are seeing now would have happened in 1985 or 1990 but what saved us was Reagan's economic policies along with the 1980's computer boon which dovetailed into the internet boom of the mid 1990's until 2007 or 2008. So basically, we are a generation late.

I often wondered how things would be now if it did happen in the 1985/90 time period.
10 posted on 12/02/2012 11:14:24 AM PST by Nowhere Man (It is about time we re-enact Normandy, at the shores of the Potomac.)
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To: Gaffer
I can't even watch CNN, Fox, bla bla whatever anymore. Last time I watched Hannity, my brain shrank.

Watching the cute supermodels wink and nod with their bloated silicone lips as they discuss all kinds of absolutely meaningless news became a bit much. Local news became a comedy as they lead the news with some guy found humping his horse in Tennessee, or homos demanding more homo history to be taught, or about the latest wants and desires of the local school teacher union mobsters.

Gak..

That wasn't enough, so the greedy AH's who told ya cable TV would be commercial free 40 years ago, are all laughing it up. They're sipping banana bazookas, soaking in their spas while cruising in in paradise on their 200' yachts. Now ya watch 2 minutes of some reality cow flop, as they switch to 5 minutes of commercials, which they got ya to pay for. After they've already been paid for....lol

11 posted on 12/02/2012 11:23:14 AM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: george76
When you add China and India to competition it naturally lowers wages and increases productivity.

Our American 'worker' has never been more productive, its just we aren't the only player in town.

It will only get worse

The D's and R's have used the national credit card to run their little programs, now the call for more 'workers' ie illegal alien amnesty and other trends are on the table.

12 posted on 12/02/2012 11:24:07 AM PST by Theoria (Romney is a Pyrrhic victory.)
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To: dragnet2

Ha ha...totally agree!

In a just future world, these ‘fourth estaters’ will be the first ones stood up against a wall and offered a cigarette (or a Mocha-lotto-grande-half caf decaf with whip-and-cinnamon sprinks) and some ‘last words’.


13 posted on 12/02/2012 11:27:29 AM PST by Gaffer
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To: george76

All part of the liberal plan to destroy the middle-class, while saying they want to protect it. The Dems and their cohorts in the media want to turn the US into a 3d world hell-hole for everyone but the ruling class, which of course, would be them.


14 posted on 12/02/2012 11:53:54 AM PST by jeffc (The U.S. media are our enemy)
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To: george76

I’m not worried at all because that brilliant economist Hussein is going to fix everything.


15 posted on 12/02/2012 12:12:05 PM PST by ProtectOurFreedom
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To: KoRn

Chances are, if you have two newer cars sitting in the garage at your home and a mortgage, you have a negative net worth.

That’s why my cars’ next stop is always the salvage yard.


16 posted on 12/02/2012 1:02:00 PM PST by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: freedomfiter2
That’s why my cars’ next stop is always the salvage yard.

**********************************************************

My car is so bad I'm having a "brick on" party early next year just after I buy my "new" 10 year old car ..


17 posted on 12/02/2012 4:05:40 PM PST by Neidermeyer
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To: george76

But, hey, let’s vote for Obama because... well... it’s all Bush’s fault, right?


18 posted on 12/02/2012 5:43:58 PM PST by Jack Hammer
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To: Neidermeyer
That’s why my cars’ next stop is always the salvage yard.

I've been there too. My 75 year old father had to buy me a newer vehicle (1999 Blazer, I had a 1994 Explorer) by dipping into his retirement. They say that over 50% of families/people had to have other family members help them out this year.
19 posted on 12/02/2012 7:12:32 PM PST by Nowhere Man (It is about time we re-enact Normandy, at the shores of the Potomac.)
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To: Theoria

Exactly.

All those things which used to be on America’s shopping aisles, made in America.

Are all now imported from China.


20 posted on 12/02/2012 7:15:01 PM PST by Cringing Negativism Network
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To: Nowhere Man

I’m starting to call the years from 1981-2001 the Reagan interregnum - a brief pause in our slide to socialism.


21 posted on 12/02/2012 7:16:43 PM PST by garbanzo (It's the end of the world as we know it and I feel fine)
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To: garbanzo

You’re right. Although the 1990’s were Clinton years, we managed to stop a lot of his socialist ideas in their tracks. Remember Hillarycare? We stopped that dead! One bag thing that got past the radar was the Brady Bill but beyond that, we did a fairly good job holding the line. I think with the 9/11 attacks, we lost a lot of our freedoms too, in many ways, the terrorists have won. After that, you had Pelosi, Reid and OBummer come around and now we have Obummercare.


22 posted on 12/02/2012 8:26:07 PM PST by Nowhere Man (It is about time we re-enact Normandy, at the shores of the Potomac.)
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