Thanks Obama and his voters – American Households Hit 43-Year Low In Net Worth
This is for you Obama voters and so called Republicans who couldn’t get off your asses to vote for Mitt Romney on election day. American households have now hit a 43 year low in net worth. The last time household incomes were this low was during the hippie times of 1969. I guess there wouldn’t be too many Americans taking $4 million vacations this year.
The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.
According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.
According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent. The “less than $10,000″ figure includes the numerous households that have no assets at all, or “negative assets,” which is otherwise known as “debt.