Another Record… US Household Net Worth Reaches 43 Year Low Under Obama
Terrific. US household net worth reached a 43 year low under Barack Obama.
It was bad last year. It’s worse this year.
Under Barack Obama American households hit a 43-Year low in net worth this year.
And, just think, his presidency is not quite half over yet!
CBS Local reported:
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.”
Over that same period of time, the wealthiest 1 percent of American households increased their average wealth by 71 percent.