______________________________
The Dwindling Wealth of the American Family: By the Numbers
The Great Recession wiped out a huge chunk of the average family’s wealth, setting the USA back by nearly two decades. The median American family… the exact middle between the wealthiest and the poorest… had the same amount of money in 2010 as it did in 1992, according to the Federal Reserve’s Survey of Consumer Finance, an extensive and detailed look at American wealth undertaken every three years. While the latest data is 18 months old, it underscores the astonishing economic devastation wreaked by the Great Recession, which, beginning in 2007, swept away a chunk of the wealth accumulated since the early 1990s. The Fed defines “wealth” as income plus assets… like homes, cars, and stocks… minus debts. Here’s a numerical look at the average family’s struggles:
| 126,400 USD
(4.18 million Roubles 101,000 Euros. 81,200 UK Pounds)
Median American family net worth in 2007 |
77,300 USD
(2.56 million Roubles. 61,800 Euros. 49,600 UK Pounds)
Median American family net worth in 2010
|
Family median wealth dropped 40 percent since 2007
______
| 95,300 USD
(3.15 million Roubles. 76,200 Euros. 61,200 UK Pounds)
Median home equity… the value of a house minus the balance owed on the mortgage… in 2007
|
55,000 USD
(1.82 million Roubles. 44,000 Euros. 35,300 UK Pounds)
Median home equity in 2010 |
Median home equity dropped 42.3 percent since 2007
______
| 49,600 USD
(1.64 million Roubles. 39,700 Euros. 31,900 UK Pounds)
Median family income in 2007 |
45,800 USD
(1.52 million Roubles. 36,600 Euros. 29,400 UK Pounds)
Median family income in 2010 |
Median family income dropped 8 percent since 2007
______
| 3,100 USD
(102,500 Roubles. 2,500 Euros. 2,000 UK Pounds)
Median credit card balance in 2007 |
2,600 USD
(86,000 Roubles. 2,100 Euros. 1,700 UK Pounds)
Median credit card balance in 2010 |
Median credit card debt declined 16 percent since 2007
______
| 15.2 |
Median percentage of education-related debt in 2007 |
| 19.2 |
Median percentage of education-related debt in 2010 |
4 percentage point increase in median education-related debt since 2007
The proportion of median education-related debt increased 26.4 percent since 2007
______
| 7 |
Percentage of Americans late on debt payments in 2007 |
| 11 |
Percentage of Americans late on debt payments in 2010 |
4 percentage point increase in Americans late on debt payments since 2007
The proportion of Americans late on debt payments increased 57.2 percent since 2007
______
| 49,600 USD
(1.64 million Roubles. 39,700 Euros. 31,900 UK Pounds)
Median value of stock-based retirement plans in 2007 |
44,000 USD
(1.46 million Roubles. 35,200 Euros. 28,300 UK Pounds)
Median value of stock-based retirement plans in 2010 |
Median stock-based retirement plans lost 7 percent of their value since 2007
12 June 2012
This Week
As quoted in Yahoo News
http://news.yahoo.com/dwindling-wealth-american-family-numbers-121700768.html
******
The above tragedy is the direct result of the Republican Party’s policies. This is what happened when GWB gave tax cuts to the affluent effluent and embarked on hellishly-expensive wars of aggression at the same time. We’re paying for it… no, we got none of the gain… yes, we got all of the pain. Reflect on this… Wafflin’ Willy, King Rush, Queen Ann, Grover Norquist, and all the rest say that that’s what’s normal… that ordinary people should pay for the fecklessness and irresponsibility of the top Five Percent. They call themselves “Christians”… fancy that…
You know what to do on 6 November. The president ain’t perfect, but the mess would’ve been worse had he not done what he did. Mittens wants to reinstate the very policies that caused this mess in the first place. You know what to do in the secrecy of the voting booth…
BMD
12 June 2012. This is Why You Should Vote AGAINST Wafflin’ Willy in November
Tags: Barack Obama, debt, economic crisis, Federal Reserve System, George W. Bush, Great Recession, Home equity, Late-2000s recession, Net worth, political commentary, politics, Republican, right-wing, Rush Limbaugh, Survey of Consumer Finance, United States, USA, wealth
______________________________
The Dwindling Wealth of the American Family: By the Numbers
The Great Recession wiped out a huge chunk of the average family’s wealth, setting the USA back by nearly two decades. The median American family… the exact middle between the wealthiest and the poorest… had the same amount of money in 2010 as it did in 1992, according to the Federal Reserve’s Survey of Consumer Finance, an extensive and detailed look at American wealth undertaken every three years. While the latest data is 18 months old, it underscores the astonishing economic devastation wreaked by the Great Recession, which, beginning in 2007, swept away a chunk of the wealth accumulated since the early 1990s. The Fed defines “wealth” as income plus assets… like homes, cars, and stocks… minus debts. Here’s a numerical look at the average family’s struggles:
(4.18 million Roubles 101,000 Euros. 81,200 UK Pounds)
Median American family net worth in 2007
(2.56 million Roubles. 61,800 Euros. 49,600 UK Pounds)
Median American family net worth in 2010
Family median wealth dropped 40 percent since 2007
______
(3.15 million Roubles. 76,200 Euros. 61,200 UK Pounds)
Median home equity… the value of a house minus the balance owed on the mortgage… in 2007
(1.82 million Roubles. 44,000 Euros. 35,300 UK Pounds)
Median home equity in 2010
Median home equity dropped 42.3 percent since 2007
______
(1.64 million Roubles. 39,700 Euros. 31,900 UK Pounds)
Median family income in 2007
(1.52 million Roubles. 36,600 Euros. 29,400 UK Pounds)
Median family income in 2010
Median family income dropped 8 percent since 2007
______
(102,500 Roubles. 2,500 Euros. 2,000 UK Pounds)
Median credit card balance in 2007
(86,000 Roubles. 2,100 Euros. 1,700 UK Pounds)
Median credit card balance in 2010
Median credit card debt declined 16 percent since 2007
______
4 percentage point increase in median education-related debt since 2007
The proportion of median education-related debt increased 26.4 percent since 2007
______
4 percentage point increase in Americans late on debt payments since 2007
The proportion of Americans late on debt payments increased 57.2 percent since 2007
______
(1.64 million Roubles. 39,700 Euros. 31,900 UK Pounds)
Median value of stock-based retirement plans in 2007
(1.46 million Roubles. 35,200 Euros. 28,300 UK Pounds)
Median value of stock-based retirement plans in 2010
Median stock-based retirement plans lost 7 percent of their value since 2007
12 June 2012
This Week
As quoted in Yahoo News
http://news.yahoo.com/dwindling-wealth-american-family-numbers-121700768.html
******
The above tragedy is the direct result of the Republican Party’s policies. This is what happened when GWB gave tax cuts to the affluent effluent and embarked on hellishly-expensive wars of aggression at the same time. We’re paying for it… no, we got none of the gain… yes, we got all of the pain. Reflect on this… Wafflin’ Willy, King Rush, Queen Ann, Grover Norquist, and all the rest say that that’s what’s normal… that ordinary people should pay for the fecklessness and irresponsibility of the top Five Percent. They call themselves “Christians”… fancy that…
You know what to do on 6 November. The president ain’t perfect, but the mess would’ve been worse had he not done what he did. Mittens wants to reinstate the very policies that caused this mess in the first place. You know what to do in the secrecy of the voting booth…
BMD