Number of the Day

39%: The percentage by which "the median net worth of US families 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."
The data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross.

The findings underscore the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has seen only a halting recovery.

"It's hard to overstate how serious the collapse in the economy was," said Mark Zandi, chief economist for Moody's Analytics. "We were in free fall."

The recession caused the greatest upheaval among the middle class. Only roughly half of middle­-class Americans remained on the same economic rung during the downturn, the Fed found. Their median net worth — the value of assets such as homes, automobiles and stocks minus any debt — suffered the biggest drops. By contrast, the wealthiest families' median net worth rose slightly.
Of course it did.

Meanwhile, Generation X and its successors are lollerskating all the way to the bank breadline, because the clusterfucktastrophe that was the 00's, culminating in The Great Recession, meant that, for most of us, even $77,300 of net worth is a hilariously unattainable pipe dream, since wage stagnation has stymied our ability to save, even if we're fortunate and privileged enough to have regular employment with a livable wage.

For those who aren't so fortunate and privileged, it is even more grim. And the best solution we're being offered is fucking austerity.

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