From NY Times via Marginal Revolution.
The recent economic crisis left the median American family in 2010 with no more wealth than in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said Monday [in its Survey of Consumer Finances].
Makes my equity losses a bit more bearable. Schadenfreude anyone?
Not only wealth but income continued to decline.
Median family income fell to $45,800 in 2010 from $49,600 in 2007. All figures were adjusted for inflation.
Big increase in precautionary saving as opposed to saving for retirement. What does that mean? Fear abounds.
Just for the Occupistas, even though the wealthiest aren’t poor by any stretch:
The average income of the wealthiest families fell much more sharply than the median, indicating that some of those at the very top of the ladder slipped down at least a few rungs.