Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says
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.Just trying to keep our cars fueled up eats away at our wealth and the federal, state and local governments are the ones who really benefit.
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.
The findings underscore the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has seen only a halting recovery.
If you want to drop the price of gas how about a moratorium on collecting taxes?
That'll drop the price of gasoline and diesel 50 to 55 cents per gallon.
You want to know why your house has lost value then look to Barney Frank and his piss ant liberal/democrat enablers.
Wealth isn't generated by food stamps or unemployment.
Obama wants 4 more years to "finish the job", my question is who'll be left after 4 more years for him to confiscate their wealth from to prop up all those Americans he and the progressive Democrats have impoverished?
We can't take another 4 more years, hell we'll be lucky to survive until November when we can throw them out on their cans.