Barack Hussein Obama (MMMM -MMMM-MMMM) says we’re all doing “FINE.” The Federal Reserve says something different:
The recent recession wiped out nearly two decades of Americans’ wealth, according togovernment data released Monday, with middle-class families bearing the brunt of the decline.
The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
Another rough economic period brought on by federal government largesse. Read On:
The data represent one of the most detailed looks at how the economic downturnaltered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. […]