12 February 2009

Americans Getting Poorer

The Fed says the average net worth of American households plunged 22.7 percent since the recession began in December 2007 through October, when the report was prepared. The median net worth, or the midpoint between the wealthiest and poorest, fell 17.8 percent.

The Fed report says if the value of second homes and businesses are excluded, the average household net worth fell 12 percent, which reflects that such assets are "relatively concentrated among wealthier families."

From here.

The good news is that, for once, the gap between the rich and the poor is getting smaller.

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