Our Net Worth Is Down 39%. How Worried Should We Be?
"It’s unlikely that most families will be able to make up for lost time after a 21-year period in which growth in their net worth has averaged out to less than nothing.
By Michael Sivy | @MFSivy | June 20, 2012 | TIME Magazine
It was hard not to be shocked by last week’s Federal Reserve report showing that the typical American family’s net worth fell 39% between 2007 and 2010. Similarly, figures released by the U.S. Census Bureau on Monday showed a 35% decline in net worth between 2005 and 2010. For people between the ages of 35 and 44, the drop was a staggering 59%, although the dollar amounts were smaller."
Notice that the period is 21 years! Neither Bush, nor Obama made this happen. It's the result of structural socioeconomic changes.
By Michael Sivy | @MFSivy | June 20, 2012 | TIME Magazine
It was hard not to be shocked by last week’s Federal Reserve report showing that the typical American family’s net worth fell 39% between 2007 and 2010. Similarly, figures released by the U.S. Census Bureau on Monday showed a 35% decline in net worth between 2005 and 2010. For people between the ages of 35 and 44, the drop was a staggering 59%, although the dollar amounts were smaller."
Notice that the period is 21 years! Neither Bush, nor Obama made this happen. It's the result of structural socioeconomic changes.
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