Tuesday, June 12, 2012
If America seems a lot poorer today than it did just a few years ago, that's because it is. The average net worth of an American household dropped from $126,400 to $77,300, between the economic rupture of 2007 and 2010, a net loss of 40 percent.
The largest part of this massive loss of wealth resulted from falling real estate values.
Now of course, if you're among the top 10 percent of income earners, and thus by definition not average, the economy of 2007-2010 presents a different picture, because the value of your assets didn't go down. It increased. Slightly.
The whole sad story is at the Daily Ticker.