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For most families, wealth has vanished
Yahoo Finance ^

Posted on 06/30/2014 2:57:47 PM PDT by Red in Blue PA

If you’re a typical family, you’re 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 they’re 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 ...


TOPICS: News/Current Events
KEYWORDS: familywealth; midleclass; obama; recession; trojanhorse
Welcome to the Obama economy. Everyone loses.....except the politically connected.
1 posted on 06/30/2014 2:57:47 PM PDT by Red in Blue PA
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To: Red in Blue PA

The EXEMPT in Congress are richer.

Much richer.

The EXEMPT are not under the Law,
but exist as predators.


2 posted on 06/30/2014 2:59:10 PM PDT by Diogenesis
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To: Red in Blue PA

The wealth didn’t vanish, it was stolen.


3 posted on 06/30/2014 3:02:05 PM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: Red in Blue PA

Mission Accomplished Obama!


4 posted on 06/30/2014 3:04:05 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: GeronL

Not just yet... $56,000 is still way too much... anyone worth that much is obviously not paying their fair share yet.


5 posted on 06/30/2014 3:08:50 PM PDT by Cementjungle
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To: Red in Blue PA

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”.


6 posted on 06/30/2014 3:12:20 PM PDT by AlexW
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To: Cementjungle

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.


7 posted on 06/30/2014 3:13:17 PM PDT by hal ogen (First Amendment or Reeducation Camp?)
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To: Red in Blue PA

Like George Soros, I’m having a very good crisis.


8 posted on 06/30/2014 3:14:47 PM PDT by Chad_the_Impaler
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To: Red in Blue PA

It’s hard to maintain wealth when your job gets off-shored to China.

Restore the import tariffs.


9 posted on 06/30/2014 3:15:30 PM PDT by DannyTN
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To: Red in Blue PA
I have no complaints with my asset values (at the moment!), but the low interest rates and dividends are a different matter.

Gotta look on the bright side though. The lower income will reduce my Obamacare penalty.

10 posted on 06/30/2014 3:16:38 PM PDT by MUDDOG
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To: Cementjungle
That $56,000 includes home equity, I think. Seeing as you have to have a place to live, that isn't much.

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.

11 posted on 06/30/2014 3:17:13 PM PDT by grania
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To: Cementjungle

bump


12 posted on 06/30/2014 3:17:52 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: Red in Blue PA

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.


13 posted on 06/30/2014 3:23:13 PM PDT by Cyclone59 (Where are we going, and what's with the handbasket?)
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To: Red in Blue PA

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.


14 posted on 06/30/2014 3:25:25 PM PDT by TomGuy
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To: Red in Blue PA

Somebody needs to post that picture of a satisfied Obama surveying a bombed-out landscape and thinking, “My work here is done.”


15 posted on 06/30/2014 3:25:29 PM PDT by madmominct
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To: Red in Blue PA

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...


16 posted on 06/30/2014 3:29:04 PM PDT by Popman ("Resistance to Tyrants is Obedience to God" - Thomas Jefferson)
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To: DannyTN

That would be a start...ending forced free trade with Red China.

That multi trillion trade deficit will have to made up somehow


17 posted on 06/30/2014 3:32:45 PM PDT by DisorderOnBorder (Hollywood...Washington DC for pretty people)
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To: Red in Blue PA

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”.


18 posted on 06/30/2014 3:33:23 PM PDT by wonkowasright (Wonko from outside the asylum)
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To: DisorderOnBorder

Who is John Galt.


19 posted on 06/30/2014 3:34:44 PM PDT by bicyclerepair (The zombies here elected alcee hastings. TERM LIMITS ... TERM LIMITS)
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To: wonkowasright

Bet you anything he is not paying taxes. To the state, he is a criminal.


20 posted on 06/30/2014 3:37:12 PM PDT by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: hal ogen

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.


21 posted on 06/30/2014 3:39:08 PM PDT by CommieCutter ("For an idea to be too simplistic, it must first be proven wrong" --Thomas Sowell)
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To: hal ogen; grania

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.


22 posted on 06/30/2014 3:44:18 PM PDT by Cementjungle
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To: Red in Blue PA

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.


23 posted on 06/30/2014 3:46:24 PM PDT by wonkowasright (Wonko from outside the asylum)
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To: Red in Blue PA

A liberal tide lowers all boats.


24 posted on 06/30/2014 3:51:09 PM PDT by eyedigress ((zOld storm chaser from the west)/?s)
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To: Red in Blue PA

Food and gas prices double and triple, hours and wages go.down. What did they think would happen?


25 posted on 06/30/2014 4:03:20 PM PDT by autumnraine
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To: Red in Blue PA

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??


26 posted on 06/30/2014 4:08:00 PM PDT by eyeamok
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To: Red in Blue PA

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.


27 posted on 06/30/2014 4:16:11 PM PDT by lurk
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To: Red in Blue PA

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.


28 posted on 06/30/2014 4:40:22 PM PDT by proxy_user
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To: lurk

‘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.


29 posted on 06/30/2014 4:48:03 PM PDT by dogcaller
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To: Red in Blue PA

> 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...


30 posted on 06/30/2014 5:22:15 PM PDT by jsanders2001
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To: Red in Blue PA

> Bet you anything he is not paying taxes. To the state, he is a criminal.

To Obama he is a hero.


31 posted on 06/30/2014 5:24:59 PM PDT by jsanders2001
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To: Red in Blue PA


Whut chew talkin bout foo? I gots mo free stuff den ah ever done got.
32 posted on 06/30/2014 5:47:17 PM PDT by Old Yeller (Anything is possible, if you don't know what you're talking about.)
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To: Popman

“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.


33 posted on 06/30/2014 7:51:33 PM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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