Whut chew talkin bout foo? I gots mo free stuff den ah ever done got.
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 ...
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.
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