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Americans' wealth drops 40% under Obama

Posted By -NO AUTHOR- On 06/11/2012 @ 6:31 pm In Front Page,Money,U.S. | No Comments

(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.

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