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Study: American Households Hit 43-Year Low In Net Worth
AP
WASHINGTON (CBS DC) – The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.
According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.
According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent. The “less than $10,000″ figure includes the numerous households that have no assets at all, or “negative assets,” which is otherwise known as “debt.”
Nutjob
December 2nd, 2012
Just wait until next year, the only gains america will see is in unemployment, poverty, higher insurance, higher taxes, and more people on foodstamps.
I’ll bet Barry loves it when a plan comes together.
Menderman
December 2nd, 2012
I was born with nothin and got most of it left…so I am not at a 43 year low!
Take that Obama!
Name Redacted™
December 2nd, 2012
This can’t be happening. Obama is president. Obama cares about the poor and middle class. He’s working as hard as he can to help them out.
wealth redacted
December 2nd, 2012
that’s what he’s been saying-will not rest until everyone that wants a job has one…
Moe tom
December 2nd, 2012
Menderman. I was born with nothing,worked all my life, got damaged in the Army, made a few bucks, bought a house, saved a few shillings for my children, but lost more than 40 percent of my worth these last 6 years. It ain’t funny, but it’s a fact. I consider myself lucky compared to what the future generation has to face under obamanomics.
Moe tom
December 2nd, 2012
Name redacted should understand my point.
Bad Brad
December 2nd, 2012
My problem is, I can’t figure this retard. I think I got him figured, and about that time he does something to hurt a voter block the is totally counter intuitive. I’m on the verge of declaring him Perpetual Campaigner in Chief, Dumber the Dog Turds. Hopefully that’s how he goes down in history because that would be the biggest blow to his fragile little ego. The mans fucking clueless. We gotta crack whore running the country. Only in America.
Menderman
December 2nd, 2012
Moe Tom, I am certainly not at the high point in my adult life, and I am afraid that ship has sailed for me, but I kid about being born with nothing and having most of it left because we all leave this world the same we come in. It is sad that I spent over 32 years following the rules doing the responsible thing to take care of me and my own, occasionally helping others in need as I could, only to find out that what I earned and paid for is just going to be taken away and handed over to the under acheivers of the world. But all the possesions I have can be taken, and I can still eat and survive…and I can learn to make my own beer.Life is good! My back yard is full of oysters and Salazar can’t take that away…maybe one will have a really nice pearl….
Moe tom
December 2nd, 2012
Menderman. I’m on your side Bro. Oysters? Beer? Sounds great.
timmy g
December 2nd, 2012
My back yard is full of oysters and Salazar can’t take that away
oh yeah, they can, epa can investigate any body of water it wants to… courtesy of ol cassy sunstein and the elimination of ‘navigable’ from the rulebook… it used to be any navigable body of water or river — now it means whatever they want it to mean – the pond of water in your front yard from temporary runoff, if they want to screw you over enough
Anonymous
December 3rd, 2012
WTF is it with all this “class” bullshit? First step in the conservative comeback is to reject the language of the left.
Blink
December 3rd, 2012
Not the future I was planning on after working for 45 years. I was forced out of my work of 34 years a month ago.
Got a pension plan that takes 3 months to initiate, a 401k loosing value daily. Which are all in the cross hairs for redistribution.
Looking at all the forms they want me to fill out for unemployment ticks me off. I probably wouldn’t bother with applying for unemployment. But I want to the increase in unemployment numbers to register and be official. If I just go Galt it will look like the unemployment level is dropping and things are looking up. I’m not going to assist the coverup.
My2Cents
December 3rd, 2012
I have friends and family who voted to reelect that nimrod. It will be cold comfort to say “I told you so.”
todak
December 3rd, 2012
The guy with the empty wallet has more than I do, the lucky bastage.
Diann
December 3rd, 2012
Despite being management, I am kept on hourly because I only work nine months out of the year. This year, due to increasing costs, reduced revenues and overall higher overhead, my employer ordered that I minimize my overtime. I lost over five grand in income because of this. This is all because of the failed economic policies of the Obama Administration. Now, with Obamacare having a green light to proceed (in spite of the fact that the Republican-controlled House having the power to defund it — which, let’s be honest, those spineless squirrels probably won’t), I will be lucking if I have a job to go to, come February, when I am set to return to work.
Have I mentioned lately that I hate Obama?
BILL
December 3rd, 2012
its not socialism its full blown “getto”ism.
welcome to the getto of america.
we will all be on foodstamps and in housing projects before obama is done.
eternal ¼ cracker p
December 3rd, 2012
I’ve mostly gone galt.. Out of a job for nearly 5 years, my wife makes just enough to keep our heads above water. I like to think I’m “getting back” at the government by paying as little in taxes as possible (through taxed consumption), but we have a federal government (and local state governments) with an unlimited amount of ammunition. When their wallets are empty, simply print more money! They are quietly taking money through inflation and added debt. It will be shouldered by myself when a job eventually comes around. Since Obama has come into office, my household, and yours too, has been stealth taxed $5800 through added federal debt. Nevermind tax increases and cost of living increases.
Major Mal function
December 3rd, 2012
The wages of Obama
http://blogs.reuters.com/felix-salmon/2011/10/10/chart-of-the-day-median-income-edition/
1. That graph is not inflation adjusted. Necessities have been rising 10%/year since Obama became president.
2. Incomes are still falling.
Mz BallBreaker
December 3rd, 2012
So reading all these honest sincere comments on here, and fully understanding the pain and suffering we all will/are enduring because of the Queen in the WH….will anyone please tell me how he was re-elected? Stealing votes, bribing college voters by forgiving pastdue loans? Gays and Black voting for him is understandable, their willingness to screw the USA…what about the rest?