US families’ wealth drops 40% in last 3 years

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.

The Fed’s data underscore the depth of the wounds of the Great Recession and how far many families remain from healing. The median value of Americans’ debt did not change between 2007 and 2010. Meanwhile, the housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010.

Read more at the Washington Post HERE.

  • Barbara J Struble

    Looks like the great recession is the great depression.
    Constitutional conservatives, think about standing – opting out does not seem to be a remedy, nor does becoming a slave.

    • HadEnuf

      Bravo, hip-hip-horray, hallelujah… I can perceive these elated expressions resonating, ever so gleefully and passionately from the Muslim-Marxists duplicit mouth! – just 60% more and I will have achieved my goal of bringing down America – IT’S WORKING!

  • Ranel

    The only way to create wealth is to MAKE IT, GROW IT or MINE IT. We must stop the RED CHINESE ripping off are wealth creation with unfair currency manipulation, product dumping and tech stealing. We must stop unfair free Trade and we must put the USA first, We must fight back,we are at economic war with the Comi Red Chinese criminals who lie cheat and steal from the USA…BUY AMERICAN fixes all…YES its that simple.

  • Ranel

    We must put America back to work,we must build new manufacturing factories in the inner city ghetto.We can cut the corporate tax for inner city manufacturing to zero and bring back are jobs,APPLE and DELL could be made in LA,Chicago and Detroit,YES BUY AMERICA fixes all are problems and it stops the Red Chinese Military build up that threatens are future.The Chinese are the #1 threat to are prosperity FIGHT BACK AMERICA…

  • Lizelot

    Our problem is two-fold: a lack of well-trained lower-end workers coupled with a far too high minimum wage. Result: out-sourcing. Academic study used to be aimed at brainy people who love to study and youths whose parents could afford to waste their own money. The majority of any people globally are neither brainy nor wealthy, but quite a few of those excel in manual arts and can, if well-trained, make a good living that way. Socialism ignores these basic truths, and has scrapped manual arts in favor of academic study for everybody, regardless of natural inclination or talent. Result: foot-dragging in K-12, scores of soured and bored drop-outs (potential perpetual welfare cases), remedial courses for the “college-bound,” grade-inflation and cheating, and BAs that don’t prepare for real jobs. In other words, OWS.
    Lower the minimum wage, so that our present “unemployables” can get a chance at some kind of job, and bring back manual arts in high school such that the talented can get trained for real jobs even if they don’t care to study. The way our system is set up now doesn’t work for the big masses–they give up.

  • Bruce Feher

    I wish my ‘wealth’ dropped 40%! It dropped OVER 50%.
    FYI! Less than 10% of currently employed workers are in manufacturing. google it!
    Production equals PROSPERITY! We have become a nation of paper pushing WHIMPS!