From 2003-2013, Ordinary Americans Lost a Third of Their Wealth

Via Alternet:

According to new research (PDF) supported by the Russell Sage Foundation, middle class Americans are getting poorer (OK, we knew that, but now the numbers are in – and they are startling).

For the study, researchers gathered information on families in the middle of the wealth distribution continuum. What they found is that in 2003, the inflation-adjusted net worth for the typical household was $87,992. Fast-forward 10 years: that figure is down to a mere $56,335.

Ordinary Americans got 36 percent poorer in just a decade.

…The upshot is that regular people have endured one of the worst periods in recent memory. It will not surprise you to learn that during the same decade of 2003-2013, the rich were partying down. In the 95th percentile of wealth distribution, people got 14 percent richer.

That oughta brighten your day.

More info:
What Recovery? You Probably Became Poorer In the Last 10 Years
Americans In Debt: 35 Percent Have Unpaid Bills Reported To Collection Agencies

  1. #1 by brewski on July 31, 2014 - 3:49 am

    Would have been nice if they had drilled a little deeper beyond the what’s and to the why’s.

    The report did say that half of the decline took place from 2009-2013. You know, the Obama Recovery. Just the facts ma’am.

    • #2 by Richard Warnick on July 31, 2014 - 7:47 am

      Well, the headline did say “What Recovery?” As I’ve pointed out more than once, many of the middle-class jobs that were lost in Bush’s Great Recession have been replaced by low-wage jobs,

      • #3 by brewski on July 31, 2014 - 9:01 am

        Whose fault is that? Whose been President for 6 years? Who drives employers out of the country?

        • #4 by Richard Warnick on July 31, 2014 - 10:51 am

          President Obama’s lack of leadership during the economic crisis was part of the problem, as I’ve previously indicated. He missed his best opportunity to do something to rescue the middle class, and now Tea-GOP obstruction makes even raising the minimum wage impossible. Every administration since FDR has raised the minimum wage except this one.

          How can you say the Obama administration is driving employment out of the country? Link, please.

          • #5 by Shane on July 31, 2014 - 11:26 am

            But remember, nothing you say is a criticism of anyone brewski hates, because he has already announced you are liberal scum and on the “other side.”

          • #6 by brewski on July 31, 2014 - 7:31 pm

            Thanks for the definition of vacuous ad hominem.

  2. #7 by Shane is a Mook. on August 2, 2014 - 2:42 pm

  3. #8 by Shane is a Mook. on August 2, 2014 - 2:43 pm

    See? You are that mook…whatever your censored hearts are only werks sometimes.

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