This doesn't say American Dream: NYTimes: Family Net Worth Drops to Level of Early ’90s, Fed Says http://t.co/rsk3nKtd
The US recession erased 20 years of accumulated prosperity for American families http://t.co/5jy0qSwZ
Crappy economy devoured 40 percent of family net worth6/12/2012
If you're not feeling as flush as you used to, you're not imagining it. According to a Federal Reserve study, the average American family's net worth plunged from $126,400 in 2007 to a measly $77,300 in 2010 -- a drop of nearly 40 percent. Which means, unless you've made a killing over the last two years, you're probably feeling the pinch. We don't have to tell you that the evil trifecta that contributed to sending bank balances plunging included nose-diving house values, a drop in income levels and dismal unemployment numbers. Rubbing salt in the wound, the top 10 percent of income earners were the only group to see their net worth rise.
How are you feeling the financial pinch?