Household wealth crashed 23% in two years

It’s fair to start by saying much of the “wealth” in the past was smoke and mirrors. Credit is not wealth. Even so, this is a shocking decline that anti-abortion laws or union bashing can’t hide. There’s a problem is while the GOP is completely ignoring it, the Democrats aren’t doing themselves any favors either. Had the Democrats not rolled over to Wall Street and corporate America, they might be able to speak on this subject with some authority. Being GOP-Lite (Republicans, but without the religious extremism) is not much comfort since we now know that the Republican economic policies fail badly. We’ve seen it since Reagan and it never gets better. More credit sure, but again, that’s not wealth.

Why are those who caused this recession doing so well?

The average American family’s household net worth declined 23% between 2007 and 2009, the Federal Reserve said Thursday.

A rare survey of U.S. households, first performed in 2007 but repeated in 2009 in order to gauge the effects of the recession, reveals the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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