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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.
Can't blame Obama for this...
The report said more families reported taking out education loans. Nearly 11 percent said they were at least 60 days late paying a bill, up from 7 percent in 2007. And the percentage of families saddled with debts greater than 40 percent of their income stayed the same.
Silver lining...
The survey showed that fewer families are carrying credit card balances, and those who do have less debt. The median balance dropped 16 percent, from $3,100 in 2007 to $2,600 in 2010. The Fed also found that the percentage of Americans who have no debt rose to a quarter of families.
Last edited by DRob4JC; 06-12-2012 at 11:58 AM..
Reason: Title should be Family WEALTH not INCOME
The American Dream is a dream----a nightmare in fact. The ability to move up the ladder in the US is hoax of epic proportions irregardless of your effort.
99% of Americans lose 40% of their worth because of few assh*les on Wall St. invented gambling mechanisms to buy, sell, and bet on bullsh*t. Then when it all came crumbling down, the 99% get stuck with the tab to bail them out. Meanwhile the CEOs of the companies responsible get golden parachutes, multi million dollar compensation bonuses, and spend hundreds of millions of dollars on outrageous collections of art for their own home. The idea of America is now a farce and should be we should be really defined as a plutocracy. 200 years of fighting for freedom got flushed down the drain once we started deregulating banks and letting business do whatever they wanted. They stole 20 years of wealth from the vast majority of Americans and have put us right back to square 1 again. We're essentially the French prior to the French Revolution.
The American Dream is a dream----a nightmare in fact. The ability to move up the ladder in the US is hoax of epic proportions irregardless of your effort. .
So are made up words. But for all "intensive purposes" the rest of your post was spot on. I just hope others don't make "men's meat" out of you.
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