Font size: Font face:

This is WND printer-friendly version of the article which follows.
To view this item online, visit http://www.wnd.com/2012/06/americans-wealth-drops-40-under-obama/

Americans' wealth drops 40% under Obama

Puts citizens roughly on par with where they were in 1992

(WASHINGTON POST) — The Great Recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with middle-class families bearing the brunt of the decline.

The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

The biggest drops occurred among middle-income Americans, whose wealth was inextricably linked to the housing market boom and bust. Meanwhile, the wealthiest families actually saw their median income rise slightly.

© Copyright 1997-2013. All Rights Reserved. WND.com.