Recession Has Wiped Out 40% of American Wealth
2012 06 12

By Ylan Q. Mui | WashingtonPost.com

The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with ­middle-class families bearing the brunt of the decline.

The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

The data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross.

[...]

Read the full article at: washingtonpost.com




Related Articles
Economic cults are just as bad as any religious cult
Fight Obesity With Economics, Not Health Campaigns, Experts Say
Coming Soon: A Controversial "Ruling" That Threatens Your Job AND the Economy
Who Controls the Economy?
Economic Warfare & Strangling Sanctions: Punishing Iran for its “Defiance” of the United States
Profit Driven Prison Industrial Complex: The Economics of Incarceration in the USA


Latest News from our Front Page

MasterCard tests Orwellian national ID card on Nigeria
2014 09 19
The march toward enslaving the world’s population by a handful of globalist statists and corporations continues, with the latest chapter unfolding, of all places, in Nigeria, compliments of MasterCard. According to the website GovtSlaves.info, the credit card giant is rolling out a card in Africa’s most populous country that has the ability to retain all personal, health insurance, tax payment and ...
Doctor: Gov’t ‘Tight-Lipped’ on Respiratory Virus, May Be From Illegals
2014 09 19
Dr. Jane Orient, Executive Director of the Association of American Physicians and Surgeons, reported that the government has been “real tight-lipped” about the mysterious respiratory illness that has struck children in the United States, expressed concern that the illegal immigrant minors from Central America could be the source, and argued that the government should devote more resources to border security ...
Breaking—CDC whistleblower: “I’ve stopped lying”
2014 09 18
Explosive…explosive…explosive… What more could anyone want in the way of evidence for an ongoing crime? There is a video posted at the autism media channel/YouTube, and at Age of Autism: “William Thompson’s call to Congress.” It is a recording of a telephone call between CDC whistleblower Thompson and Brian Hooker, PhD. No date is given. Presumably, the call was recorded before August 27, when ...
Ebola patients buying survivors’ blood from black market, WHO warns
2014 09 18
As hospitals in nations hardest hit by Ebola struggle to keep up, desperate patients are turning to the black market to buy blood from survivors of the virus, the World Health Organization warned. The deadliest Ebola outbreak in history has killed at least 2,400 people in Guinea, Liberia and Sierra Leone -- the countries most affected by the virus. Thousands more are ...
Scottish independence referendum LIVE UPDATES
2014 09 18
Scottish voters go to the polls on Thursday to choose whether or not to break away from the UK and form an independent state. The ‘Yes’ and ‘No’ campaigns have been neck-and-neck in the pre-ballot polls. Both sides in the referendum debate are making their final pitch to voters. It comes as three new polls show the result remains too close ...
More News »