Skip to comments.For most families, wealth has vanished
Posted on 06/30/2014 2:57:47 PM PDT by Red in Blue PA
If youre a typical family, youre considerably poorer than you used to be. No wonder the recovery feels like a recession.
A new study published by the Russell Sage foundation helps explain why many families feel like theyre falling behind: They actually are. The study, which measures the average wealth of U.S. households by income level, reveals a startling decline in wealth nationwide. The median household in 2013 had a net worth of just $56,335 -- 43% lower than the median wealth level right before the recession began in 2007, and 36% lower than a decade ago. There are very few signs of significant recovery from the losses in wealth suffered by American families during the Great Recession, the study concludes.
(Excerpt) Read more at finance.yahoo.com ...
The EXEMPT in Congress are richer.
The EXEMPT are not under the Law,
but exist as predators.
The wealth didn’t vanish, it was stolen.
Mission Accomplished Obama!
Not just yet... $56,000 is still way too much... anyone worth that much is obviously not paying their fair share yet.
In Obumbo’s Communist society, only the state has money.
You must accept the life that Dear Leader chooses for you.
You no longer live in “Land of the Free”.
So my understanding from this is that greedy families are “hoarding” $56,000. How unfair. They should be forced to share it with the “less fortunate”. I am disgusted.
Like George Soros, I’m having a very good crisis.
It’s hard to maintain wealth when your job gets off-shored to China.
Restore the import tariffs.
Gotta look on the bright side though. The lower income will reduce my Obamacare penalty.
I've been thinking about "the economy". The economy isn't even most of us. We're a cash crop to be exploited by the elite. The economy is the 25% or even less of the population that still leads a pretty good life. I suspect that even that number is decreasing because of people (example many gov employees) who have enough income potential to be comfortable but are really, really dumb about financial decisions.
but in an article I read, Obama claimed that more people are working, they have more money in their pocket, the debt has been reduced.
Regular savings, CDs and IRA type accounts are relatively useless, because the interest rates are so low they pay almost nothing.
Several years ago, I dropped several CDs because my money market account was paying more than CD renewal rates. Currently that money market is paying 0.06% per month.
About 20 years ago, I took out an IRA. It had a minimum-rate provision of 4% per annum. I chuckled, because regular rates at the time were in the 8% range. Now, that 4% seems massive.
Somebody needs to post that picture of a satisfied Obama surveying a bombed-out landscape and thinking, “My work here is done.”
Between the wife and I we make about 85,000 a year before taxes....
We have not changed one thing in the last four years concerning buying habits... We picked up no additional debt, haven’t changed our 401 K contributions....basically have not changed anything concerning our day to day living expenses.... Oh’ we both a 2 % raise each of the last three years....
I can tell you without a doubt... We are much tighter financially today than ever before....
Insurance, fuel, food, basic goods have skyrocketed in price... We are feeling the pinch...
That would be a start...ending forced free trade with Red China.
That multi trillion trade deficit will have to made up somehow
And yet over this same period I watched a poor immigrant man and his wife get a rusty pickup, a used lawnmower and a weedeater. They and their toddler kid would go from yard to yard.
He’d do most of the work, she’d do a little and they’d keep track of Junior.
He barely wrote any english but he worked.
Over time he bought a better truck, a good truck, he bought better and faster mowers. Soon he had guys working for him .
There is a moral here, the same as my anscestors taught me, work pays. He improved in the middle of this “bad economy”.
Who is John Galt.
Bet you anything he is not paying taxes. To the state, he is a criminal.
This has to be people in retirement age with their mortgage paid off? I don’t know anyone in the median income range paying a mortgage that has a net wealth of 56k.
I was being sarcastic by saying that having $50K in “wealth” is too much... but, I bet there are plenty of folks on the left who probably think that’s the case.
You are probably correct. But I’d still take 50 of him in as hard working folks will help in the end. He will rise upward.
I saw a similar story with a vietnamese immigrant/refugee before this guy. In his case I know his family was on the dole the first few years. I know they shadow banked to keep it off the books initially. But after those first few years, he was paying back into the system instead of taking.
A liberal tide lowers all boats.
Food and gas prices double and triple, hours and wages go.down. What did they think would happen?
DOnt worry, we wont run out of money anytime soon, the Fed is giving Wall St $50-$60 BILLION DOLLARS A MONTH, surely it will “Trickle Down” like they promised./s
remember if we calculated Inflation the way we did in 1980 it is 10%
320 million people
100 million too young or retired and out of the workforce age
and only 97 million TAXPAYERS including spouses.
How do you end up with 6% unemployment??
Driving my ‘95 Camry with 240,000 miles on it, I sure do see a whole bunch of new cars and trucks all around. Thinking part of this low level of net worth has to do with consumer debt. Some poverty is self-inflicted.
I find it hard to believe that people in the 95% percentile are down. If you had $1.6 million in assets in 2007, you should have much more today. Values of every financial asset class have soared, you can’t help making profits.
I am in this group myself. Thanks to my 50% savings rate and the Bernanke’s flying stock market, I have nearly doubled since 2007. I know the stock values are illusory and can’t last, but it’s been a nice run.
‘driving my ‘95 Camry...’ Lots of folks were raised to care about what others think about their stuff. My ‘97 Camry has a 190,000 and attracts attention from neither the police or the thugs. Since it is my dog car I always have a clean beach towel to use in the passenger seat when someone needs a ride. Must maintain standards.
> this has been my experience under Obama’s reign of terror. I had quite a bit socked away up but Obama’s piss poor economic policies, runaway inflation that ran the price of everything way up, and increased taxation / regulatory fees sucker punched my savings to death. Just about all of my white friends have Jarretized as well...
> Bet you anything he is not paying taxes. To the state, he is a criminal.
To Obama he is a hero.
“Insurance, fuel, food, basic goods have skyrocketed in price... We are feeling the pinch...”
Same here; the inflation that is denied by the government is eating away our paychecks. The same government that fudges the inflation numbers to suppress entitlement increases is chock-full of Democrats pushing to increase the minimum wage to deal with...inflation.