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...but hey, The Private sector is doing fine.

#1 User is offline   billvill 

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Posted 12 June 2012 - 08:06 PM

Family net worth plummets nearly 40%


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NEW YORK (CNNMoney) -- The average American family's net worth dropped almost 40% between 2007 and 2010, according to a triennial study released Monday by the Federal Reserve.
The stunning drop in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- indicates that the recession wiped away 18 years of savings and investment by families.

The Fed study, called the Survey of Consumer Finances, offers details on savings, income, debt, as well as assets and investments owned by American families.
The results, though more than a year old, highlight the marked deterioration in household finances brought on by the financial crisis and ensuing recession.
Much of the drop off in net worth -- to levels not seen since 1992 -- was attributable to a sharp decline in housing values, the Fed said.
In 2007, the median homeowner had a net worth of $246,000. Three years later that number had fallen to $174,500, a loss of more than $70,000 on average.

Families who reside in the west and south, where the housing market was especially hard hit by the recession, were worse off than their peers in the rest of the country.
Making matters worse, income levels also fell during the tumultuous three-year period, with median pre-tax income falling 7.7% as earnings from capital gains all but disappeared.
The loss of income and net worth appears to have impacted savings rates, as the number of Americans who said they saved in the prior year fell from 56.4% in 2007 to 52.0% in 2010 -- the lowest level recorded since the early 1990s.
Long-term unemployment crisis rolls on
At the same time, some families were able to escape from debt, as the share of families with debt decreased slightly to 74.9% over the three-year period. Credit card use was down, and the median account balance fell 16.1%.
Meanwhile, families who did report carrying debt showed little change in the degree of indebtedness over the period.
Lower interest rates helped keep debt levels down, but the number of Americans who had fallen more than 60 days behind on debt payments still grew from 7.1% to 10.8% in 2010.
Are you feeling a drop in income? Share your story on iReport
The report also indicated that families with more assets at the start of the recession were able to retain more of their net worth than less fortunate families.
Families in the top 10% of income actually saw their net worth increase over the period, rising from a median of $1.17 million in 2007 to $1.19 million in 2010.
Meanwhile, middle-class families who ranked in the 40th to 60th percentile of income earners reported that their median net worth fell from $92,300 to $65,900 over the same time period.
Correction: An earlier version of this story reported that middle-class incomes had fallen from $92,300 to $65,900. In fact, that figure refers to a drop in median net worth.

http://money.cnn.com...source=linkedin
"Get to your game, boys"
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Man, that sixth one stung...

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#2 User is offline   Badger Bob 

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Posted 12 June 2012 - 08:36 PM

I blame Matt Cooke.

:TerribleTowel:

too many times for Matt Cooke blame? :lol:



Anyhow, looks like I'll be working until I'm 85. If I last that long. :lol:

OK, start the "But that's just next month" jokes. :doh:
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#3 User is online   Robert Goulet 

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Posted 12 June 2012 - 10:15 PM

Next month?

Pffft, try last decade.
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#4 User is offline   Badger Bob 

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Posted 13 June 2012 - 06:22 AM

View PostRobert Goulet, on 12 June 2012 - 10:15 PM, said:

Next month?

Pffft, try last decade.


:doh:
It's A Great Day for Hockey!!!

Stay out of my profile Goulet!!!
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#5 User is online   Robert Goulet 

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Posted 13 June 2012 - 07:29 AM

:doh:
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#6 User is offline   Badger Bob 

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Posted 13 June 2012 - 07:50 AM

View PostRobert Goulet, on 13 June 2012 - 07:29 AM, said:

:wub:



Oh you!!!

:squee:
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Stay out of my profile Goulet!!!
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#7 User is offline   Hankey 

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Posted 13 June 2012 - 07:55 AM

Looks like Goulet's private sector will be fine...
Everything stated in this message is to be considered my own opinion, and not an official representation of Pensunderground or any other Pensunderground Message Board user. Actual mileage may vary. Price does not include tax, title, and license. Some assembly required. Each sold separately. Batteries not included. Objects in mirror are closer than they appear. If conditions persist, contact a physician. Keep out of reach of children. Avoid prolonged exposure to direct sunlight. Keep in a cool dark place. Any disclaimer issued by me is subject to change without notice.
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#8 User is offline   billvill 

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Posted 13 June 2012 - 07:59 AM

View PostHankey, on 13 June 2012 - 07:55 AM, said:

Looks like Goulet's private sector will be fine...

What about his special purpose?
"Get to your game, boys"
"Coach, our game isn't working"
"Well, grind some bitches, then"

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Man, that sixth one stung...

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#9 User is offline   Badger Bob 

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Posted 13 June 2012 - 07:59 AM

View PostHankey, on 13 June 2012 - 07:55 AM, said:

Looks like Goulet's private sector will be fine...


I got your sector right here. :squee:
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Stay out of my profile Goulet!!!
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#10 User is offline   Hockey Stick 

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Posted 13 June 2012 - 09:26 AM

View PostHankey, on 13 June 2012 - 07:55 AM, said:

Looks like Goulet's private sector will be fine...


It's value and net worth has dropped considerably.
If it wasn't for hockey, what would be the point of living?
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#11 User is offline   FanSince74 

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Posted 13 June 2012 - 09:36 AM

View PostHankey, on 13 June 2012 - 07:55 AM, said:

Looks like Goulet's private sector will be fine...


:squee:
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#12 User is offline   Badger Bob 

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Posted 13 June 2012 - 02:55 PM

View PostFanSince74, on 13 June 2012 - 09:36 AM, said:

:wub:



Isn't if funny how people only talk about dirty old men and yet there's no talk of dirty old women? :squee:
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#13 User is online   Robert Goulet 

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Posted 14 June 2012 - 10:56 AM

Bush still bad.
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#14 User is online   Robert Goulet 

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Posted 13 September 2012 - 12:15 PM

Well, the fed has announced a new scamulus package, thus making the dollar worth even less.

:cheers:
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#15 User is offline   freak 

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Posted 13 September 2012 - 12:38 PM

View PostBadger Bob, on 12 June 2012 - 08:36 PM, said:

Anyhow, looks like I'll be working until I'm 85. If I last that long. :cheers:



barring a jackpot lottery win, or finding some equivalent and keeping it, i've long ago concluded "retirement" was a meaningless word for me, and that i would likely remain in the workforce until i either cant work, or croak - which ever comes first

it actually takes the stress off

and to be honest, ive seen retirement make many people miserable

#16 User is offline   freak 

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Posted 13 September 2012 - 12:38 PM

View PostRobert Goulet, on 13 September 2012 - 12:15 PM, said:

Well, the fed has announced a new scamulus package, thus making the dollar worth even less.

:cheers:




QE3 baby!


i cant wait for $6 a gallon milk!!!

#17 User is offline   Badger Bob 

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Posted 13 September 2012 - 12:45 PM

I went to Costco to get gas today. It was freakin $3.95 a gallon. It's usually cheaper than everywhere else. I figured I would try closer to home instead.
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#18 User is online   Robert Goulet 

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Posted 13 September 2012 - 01:02 PM

View Postfreak, on 13 September 2012 - 12:38 PM, said:

QE3 baby!


i cant wait for $6 a gallon milk!!!

We'll have to start putting milk in our cars.

:cheers:
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#19 User is offline   Badger Bob 

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Posted 13 September 2012 - 01:10 PM

View PostRobert Goulet, on 13 September 2012 - 01:02 PM, said:

We'll have to start putting milk in our cars.

:lol:


You mean, you don't? :cheers:



We're F'd, that's all I know.
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#20 User is offline   freak 

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Posted 13 September 2012 - 01:17 PM

"No one is surprised by the Fed's action today to inject even more money into the economy through additional asset purchases. The Fed's only solution for every problem is to print more money and provide more liquidity. Mr. Bernanke and Fed governors appear not to understand that our current economic malaise resulted directly because of the excessive credit the Fed already pumped into the system.

"For all of its vaunted policy tools, the Fed now finds itself repeating the same basic action over and over in an attempt to prime the economy with more debt and credit. But this latest decision to provide more quantitative easing will only prolong our economic stagnation, corrupt market signals, and encourage even more misallocation and malinvestment of resources. Rather than stimulating a real recovery by focusing on a strong dollar and market interest rates, the Fed's announcement today shows a disastrous detachment from reality on the part of our central bank. Any further quantitative easing from the Fed, in whatever form, will only make our next economic crash that much more serious."


- Ron Paul just moment ago

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