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The Typical Household, Now
Worth a Third Less

New York Times, by Anna Bernasek

Original Article

Posted By:Ravenhaven, 7/28/2014 10:41:02 AM

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. But

Comments:
With the median US household worth down more than 1/3 over ten years, how can we possibly not be on course to another depression? Are all the economists whistling past the graveyard?

Headline split by staff

      


Post Reply  

Reply 1 - Posted by: Ribicon, 7/28/2014 10:57:35 AM     (No. 9943051)

"Fundamental transformation": Pied Piper MSM told voters to demand it, and they got it, in spades. Meanwhile, connected players (e.g., those on the receiving end of government boondoggle projects, and with advance knowledge of "investment" in same, see also our US Congress) are making out like never before.

Much of the reduction in wealth is the result of housing bubble collapse, but also results from the raging inflation the government lies about. Skyrocketed prices on everything means, surprise, people draw down their assets just to stay afloat. Welfare surfers and hyper-wealthy are the least affected.

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Reply 2 - Posted by: snowoutlaw, 7/28/2014 10:57:45 AM     (No. 9943052)

This is what the Democrats have always said they wanted, everyone equally poor.

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Reply 3 - Posted by: stablemoney, 7/28/2014 11:02:12 AM     (No. 9943061)

Socialism makes everyone poorer.

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Reply 4 - Posted by: Coy860, 7/28/2014 11:16:42 AM     (No. 9943081)

Don´t forget the elderly who depend on their savings investments to supplement their social security.
CDs are paying nothing, as are Money Market accounts..too frightened to risk in the stock market, they are hurting.


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Reply 5 - Posted by: bmw50, 7/28/2014 11:43:24 AM     (No. 9943111)

What Obama is trying to accomplish is not socialism. It looks like it on the surface but dig a little deeper and what you have is a wealfare state supported by debt, NOT the equalization of wealth.
The Obama adminstration is subsidizing the ´under the poverty line´ people with government checks funded by the nation debt, not by jobs. It´s done that way because jobs transfers money from the wealthy to the working class. That is not what the wealthy want and since they are the ones supporting politicians, politicians don´t want it either.
Instead, the wealthy keep their wealth and the funds used to subsidize the poor is adding to the national debt. And WHO pays for the national debt?? You guessed it.
In the end, the wealthy get richer the poor have enough to keep them for getting out their pitchforks and cleaning house, (like the French Revolution) and the middle class shrinks in numbers and wealth.

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Reply 6 - Posted by: Halfvast Conspirator, 7/28/2014 11:44:52 AM     (No. 9943113)

The article is correct about the top 5% but only because they pick their time slice:

"The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 95 percent of the population had less wealth.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years."

The data show:

2003 $1.19M
2007 $1.63M
2009 $1.42M
2013 $1.36M

So in the Obama time it has actually declined 16.6% and is up less than that (14.3%) amount over the 10-year period, which is not a very large return on any investments over 10 years. The increase in the Bush years was good (37%) but dismally declining under Obama.

The NYTimes lies by omission.

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Reply 7 - Posted by: StuartL, 7/28/2014 11:57:00 AM     (No. 9943133)

#5 -- The French Revolution was not a revolution of the poor or the peasantry, the great majority of whose sympathies lay with the monarchy.

Instead, ir was a revolution of the urban bourgeoisie and of the soi-disant intellectuals, who had an economic blade (so to speak) to grind and the disposable time to put their ideas, such as they were, into practice.

You could look it up.



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Reply 8 - Posted by: bmoc, 7/28/2014 12:18:17 PM     (No. 9943172)

This is OBVIOUSLY the fault of George W. Bush.

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The Typical Household, Now
Worth a Third Less
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Posted By: Ravenhaven- 7/28/2014 10:41:02 AM     Post Reply
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. But



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