More great economic news for American’s from Barack Obama’s ‘Hope and Change’. According to the Federal Reserve, the median net worth of US families have plunged 39% in the past three years under Barack Obama. But of course we all know who Obama will blame for this. This is yet more proof that the private sector is doing fine. Let’s wait for Obama’s next presser when he says the American family is #DoingJustFine.
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 story at the WAPO.
Remember in November, as opined by the Lonely Conservative, when you ask yourselves if you are better off than you were four years ago, the answer for many is an obvious no.