Recession Has Wiped Out 40% of American Wealth
2012-06-12 0:00

By Ylan Q. Mui |

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:

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

The Pilgrims Were Definitely Not Like Modern-Day Refugees
2015-11-27 20:01
This upcoming Thanksgiving Day is sure to offer you and your family plenty of opportunities to argue over whether America should be welcoming Syrian refugees. If you have any liberal relatives or friends coming over for your Thursday feast, they’re going to relish the chance to tell everyone that the Pilgrims were refugees too — and hope that statement decimates all ...
ISIS to France: "We will be coming. Victory has been promised to us by Allah"
2015-11-26 3:33
Homegrown French ISIS fighters have issued a chilling threat of new attacks on France just 24 hours after the terrorist group used movie footage of the Eiffel Tower's collapse in another video.  A balaclava-clad militant is seen warning 'we will be coming, we will come to crush your country' in footage posted on Twitter earlier today. It is unclear where the film ...
ISIS teenage 'poster girl' Samra Kesinovic 'beaten to death' as she tried to flee the group
2015-11-26 1:07
She appeared in social media images for the group carrying a Kalashnikov and surrounded by armed men A teenage girl who ran away from her Vienna home to join Isis in Syria has reportedly been beaten to death by the group after trying to escape. Samra Kesinovic, 17, travelled to Syria last year with her friend Sabina Selimovic, 15. The two became a ...
The Right Stuff's flagship podcast "The Daily Shoah" has been censored by Soundcloud
2015-11-25 22:56
Editor's note: The PC corporate moral police strike again. Just as Radio 3Fourteen & Red Ice Radio were censored from iTunes, The Daily Shoah was pulled from Soundcloud today. As per usual, there is a double standard, they allow any kind of anti-White material: No counter culture humor making fun of the genocidal mainstream garbage is allowed! ... From: Soundcloud took it upon ...
Merkel Welcomes A Million More: Vows To Stand By Refugee Policy Despite Security Fears
2015-11-25 21:05
Chancellor Angela Merkel vowed on Wednesday to stick to her open-door refugee policy, defying criticism at home and abroad which has intensified due to growing fears about a potential security risk after the Islamist attacks in Paris. Conservative Merkel faces splits in her right-left coalition and pressure from EU states, including France, over her insistence that Germany can cope with up ...
More News »