American Households Hit 43-Year Low In Net Worth

| December 3 2012
Christopher Cook

How does Barack Obama explain this one? How can he blame it on Bush (who is long gone), the recession (which technically ended several years ago), or “capitalism” (which, if we have it now, we also had it in previous years when things were going well)?

Whose fault is it, Mr. President? Whose policies are responsible for this?

The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.

According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.

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