Americans’ wealth plummeted 40 percent from 2007 to 2010, Federal Reserve says
The recent recession wiped out nearly two decades of Americans’ wealth, according to government 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 back in 1992.
I worked in the construction industry for 13 years prior to the crunch, and now I make a third of what I made in construction. . .
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