American Families Are Poorer Than They’ve Been In Four Decades
Bruce Watson, DailyFinance|Nov. 29, 2012, 8:38 AM|1,522|10
Now, a recent study by New York University economics professor Edward N. Wolff has put the decline of the American middle class in a whole new perspective: According to Wolff’s calculations, the median net worth of American households has now reached a 43-year low of $57,000 (in 2010 dollars). According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets rose from 29.7 percent to 37.1 percent. (And yes, that “less than $10,000” figure includes the many households with no assets at all, or “negative assets” — what we in the non-academic world just call debt.) Where did all the money go? Over the same period, the richest 1 percent of households increased their average wealth by 71 percent.