| Great Recession Erased Nearly 40% of Family Wealth |
Everybody got bailed out but the middle class. We are going in exactly the wrong direction. What we should be doing is hiring public employees to rebuild the infrastructure. That tactic is what every Republican President since Nixon has used to reverse the ravages of recession. I now believe that the Republican Party is willing to crash the country's economy in order to defeat Obama and regain power whereupon, they will immediately begin following this proven path to recovery. Stephan A. Schwartz www.schwartzreport.net |
| DON LEE - Los Angeles Times |
Washington- The Great Recession took such a heavy toll on the economy that the typical American family lost nearly 40% of its wealth from 2007 to 2010, shaving the median net worth to a level not seen since the early 1990s. The Federal Reserve said in a new report Monday that median family net worth, the point smack in the middle of those richer and poorer, fell to $77,300 in 2010 from $126,400 three years earlier after adjusting for inflation. The fall came with the collapse in the housing market and massive layoffs that slashed people’s incomes, and the pain was felt by families across the board -- young and old, well-educated and less so, with children or not. But the biggest impact was felt by young middle-age families, those headed by people ages 35 to 44. For this group, the median net worth -- ... |
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