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The Typical Household,
Now Worth a Third Less

New York Times, by Anna Bernasek

Original Article

Posted By:chicodon, 7/26/2014 1:16:05 PM

Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too. The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower.

Comments:
The NYT stumbles onto the effects of increasing Socialism and illegal immigration and are totally oblivious to it.

Please split long headline.

      


Post Reply  

Reply 1 - Posted by: Patchy Groundfog, 7/26/2014 1:28:34 PM     (No. 9941164)

"We´ve recovered (from the recession) faster and come farther than almost any other advanced country on Earth."

Barack Obama on Thursday, July 17th, 2014 in a speech in Delaware

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Reply 2 - Posted by: bpl40, 7/26/2014 1:30:09 PM     (No. 9941166)

"It is difficult to find any economic measure under which we are not better off!" Well.. Mr. ´President´ here is one.

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R-G1
  


 
Reply 3 - Posted by: DaddyO, 7/26/2014 1:30:30 PM     (No. 9941167)

Honestly the housing bubble is probably responsible for most of this..

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Reply 4 - Posted by: steveW, 7/26/2014 1:35:25 PM     (No. 9941171)

Now more than ever, a reason to Hope for Change. May peace be upon Him.

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Reply 5 - Posted by: melanie, 7/26/2014 1:44:36 PM     (No. 9941182)

People who save money for their future have been getting totally screwed since this guy came into office. There is no way to get any interest worth having on any sum of money. Hundreds of thousands earn less than 1 per cent a month. Older savers can´t afford to gamble in the stock market, because they won´t live long enough for the long term growth to matter. Savings accounts and CDs are not worthless. It truly is a war on the thrifty, risk averse American middle class.

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Reply 6 - Posted by: PrairieAnemone, 7/26/2014 2:07:52 PM     (No. 9941211)

This is no surprise considering real wages have not increased since the 1970´s and inflation has quadrupled, in my estimation.


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Reply 7 - Posted by: FlatCityGirl, 7/26/2014 2:38:17 PM     (No. 9941247)

They stopped shot of stating the truth about why "something is amiss."

It´s the NYT. I didn´t expect them to come away with the truth.

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Reply 8 - Posted by: Country Boy, 7/26/2014 2:43:05 PM     (No. 9941251)

If you are going to leave the country, the only self defense is to de-leverage. Buy less and save more. Interest rates will eventually go up, maybe up huge.

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Reply 9 - Posted by: Observer177, 7/26/2014 2:45:06 PM     (No. 9941253)

I notice that this article says that for households of median net worth the decline started in 2007.

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Reply 10 - Posted by: harper, 7/26/2014 2:47:24 PM     (No. 9941256)

Obama warned accurately [below] that there would be no recovery and the middle class needs to be further punished for the sin that is America...when you factor in that he was using Democrat Reverse Speak.

"We´ve recovered (from the recession) faster and come farther than almost any other advanced country on Earth."

In fact it can be easily proven that, when you make the 180 degree Democrat Reverse Speak adjustment, Obama has never told a lie.

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Reply 11 - Posted by: DEW JR 78, 7/26/2014 2:50:01 PM     (No. 9941260)

It´s interesting the years the study picks to compare. They look at 2003 to2007 and 2007 to 2013 this paints one picture. How about 2009 to 2013 during this period the 5th percentile gained 1% and the 25th percentile gained 17% while all the groups above these levels lost net worth. So why not present the information that over the last four years the poor got richer and the rich got poorer. Could it be the old adage that "figures don´t lie but liars can figure".

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Reply 12 - Posted by: MattMusson, 7/26/2014 3:20:47 PM     (No. 9941285)

#3 -And, the transition of Full-time to Part-time jobs.

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Reply 13 - Posted by: stablemoney, 7/26/2014 6:01:43 PM     (No. 9941421)

Socialism always makes people poorer. It´s the NYT´s socialist democrats that have plundered the middle class and made them poor.

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Reply 14 - Posted by: ColonialAmerican1623, 7/26/2014 10:01:51 PM     (No. 9941596)

I might have been grateful for a "third less"

Notice in the beginning, Zippy´s mantra was "the middle class" ? If you heard it once, you heard it a thousand times. Well, he wiped out the ´middle class´ and into multiple jobs.

Today, it´s the immigrants and Dreamers.



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