Sticking it to Millennials and young Americans when it comes to wealth: Households headed by those 40 years old or younger see inflation adjusted wealth 30 percent below 2007 levels while older Americans recoup losses.
The evidence continues to mount on the deep pangs of financial pain faced by younger Americans before and after the Great Recession. The Federal Reserve Bank of St. Louis posted wealth information and what we find is that for those 40 years old and younger, there has been little recovery since the recession ended officially […]
A Gilded Age built on debt for modern day financial aristocrats: Fed reports record for household net worth only problem is that most people do not own financial assets.
The Fed recently reported that US households reached an all-time record high when it comes to their net worth. A record $77.3 trillion net worth figure was reported with $7.65 trillion of this growth occurring over the last 12 months. The only issue here is that most Americans do not own any financial assets. The […]
Top 10 percent of US households control nearly 75 percent of all wealth – Average Americans pretend to be temporarily embarrassed millionaires by going further into debt.
We currently exist in a land of financial contradictions. US household incomes adjusting for inflation are back to levels last seen in the late 1980s. However, holiday spending is going strongly largely by people going into big debt. Many are going to be paying for the holiday season of 2013 deep into years to come. […]
The incredibly uneven recovery: Net worth of bottom 93 percent declines by $0.6 trillion while top 7 percent net worth increases by $5.6 trillion. Why? Most Americans don’t own a sizable amount of stocks and bonds.
One unique signature of this economic recovery is how narrow it is. When we look at actual wealth, the net worth figures of Americans, we see some dismal numbers. In fact, what we find really isn’t a recovery at all if we look at 93 percent of the country. Then again, with most of Congress […]
Starting life in the negative net worth column. What the Fed does not want you to know about American net worth figures.
The reports on American wealth from the Federal Reserve and U.S. Census did not get the press they deserved. You would think that an overall decline of 40 percent for household net worth would get the attention of the press but that might throw a wrench into the consumption machine that they are promoting. Up […]
How to lose 40 percent of your net worth in 3 years – Americans see their net worth collapse during the recession. Federal Reserve survey highlights a case of austerity for the masses and social welfare for the politically connected.
Working and middle class families already feel the burden of a more limited financial middle in our economy. What was once taken for granted such as affordable quality college education, homes with moderate mortgages, and healthcare costs that didn’t put families on the verge of bankruptcy are now largely harder to come by. The Federal […]
This recession has been unmercifully brutal on younger Americans. Many are entering the most difficult employment market in generations with a flood of low wage jobs saddled with record levels of student debt. Many have never even witnessed how it is to live in a bull stock market. Of course this is assuming they had […]