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The median U.S. household lost nearly 39% of its wealth from 2007 to 2010, the Federal Reserve said Monday, emphasizing anew the impact of the financial crisis and the recession on ordinary Americans.
Middle-class families took the biggest hit to their net worth during the crunch because much of their wealth was in their homes, whose values plunged during the recession and in its aftermath, the Fed report said. Wealthier families saw a smaller drop in their incomes, but nowhere near as much impact on their net worth.
"Richer people owned more bonds that didn't get killed," Hoyt said. "For middle-income households, their primary asset is their house, and the government stimulus backstopped incomes at the low end."
The median family's net worth dropped to $77,300 from $126,400 in 2007, the Fed said. The wealthiest 10% of families saw their median net worth rise 1.9% to $1.17 million.
The last paragraph is the most pertinent, The middlecass net worth dropped from 126,400 to 77,000 and the RICH got richer. The evidence is all there right in front of everyones nose.
Fed: Recession kicked median household wealth to 1992 level
Middle-class families took the biggest hit to their net worth during the crunch because much of their wealth was in their homes, whose values plunged during the recession and in its aftermath, the Fed report said. Wealthier families saw a smaller drop in their incomes, but nowhere near as much impact on their net worth.
"Richer people owned more bonds that didn't get killed," Hoyt said. "For middle-income households, their primary asset is their house, and the government stimulus backstopped incomes at the low end."
The median family's net worth dropped to $77,300 from $126,400 in 2007, the Fed said. The wealthiest 10% of families saw their median net worth rise 1.9% to $1.17 million.
The last paragraph is the most pertinent, The middlecass net worth dropped from 126,400 to 77,000 and the RICH got richer. The evidence is all there right in front of everyones nose.
Fed: Recession kicked median household wealth to 1992 level