Recession crushed middle-class wealth: Fed survey

[Javaman]

http://www.marketwatch.com/story/recession-crushed-middle-class-wealth-fed-survey-2012-06-11?link=MW_home_latest_news

WASHINGTON (MarketWatch) — The recession crushed the net worth of middle-class families as real estate values tumbled, according to a survey released by the Federal Reserve on Monday.

The Fed’s survey of consumer finances between 2007 and 2010, which is adjusted for inflation, showed median income fell 7.7% from $49,600 in 2007 to $45,800 in 2010 and that median net worth fell 38.8% from $126,400 in 2007 to $77,300 in 2010, approximately the level recorded in 1992.

The drop was concentrated in middle-class families. Those in the 60th to 79.9th percentile of income saw the biggest drop in wealth, of 40.4%. The second-steepest drop came from those in the 20th to 39.9th percentile of income, of 35%. The top 10% actually saw an increase of 1.8%. Read four ways to avoid retirement crisis.

The top 10% of earners had a median net worth of $1.19 million, or 192 times as much as the median wealth of $6,200 of those in the bottom 20%. In 2007, the top 10% had 138 times as much wealth as the bottom 20%. In 2001, it was 106 times as much.

more at link...

[HughBeaumont]

1. ZERO progress in 20 years. Meanwhile, how are the 1% and higher doing?

Go ahead, conservatives, I believe you were saying something funny about a "free market" . . . and "opportunity to those who are willing to work hard and harder"

[Enrique]

2. "The top 10% actually saw an increase of 1.8%."

so that's the sucking sound I've been hearing...

[hobbit709]

3. As Gomer used to say, "Surprise, surprise, surprise!"

[MannyGoldstein]

4. I can't wait for the Grand Bargain

Things will get even better!

Sincerely,

The 1%