The June 11, 2012 Washington Post reports:
The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes.
The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992.Suddenly, I don't feel so bad about how I have managed my wealth during this disaster. It has still been a disaster, but not like the average American has experienced.
What amazes me is that with this kind of disaster, Obama and the Democrats remains as popular as they are. They had control of both houses of Congress from January of 2007 to January of 2011, the Senate from January of 2007 to the present, and the White House since January of 2009--and they still can't fix this economy. And yet I see more Obama 2012 bumper stickers here in Idaho (often on cars of the top 10%, if not the top 5%) than any Republican bumper stickers.