US Households 55% Poorer Under Obama Economy

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The New Media Journal :

US Households 55% Poorer Under Obama Economy

Associated Press

The average US household has a long way to go to recover the wealth it lost to the Great Recession, a report by the Federal Reserve Bank of St. Louis concluded Thursday.

 

The typical household has regained less than half its wealth, the analysis found. A separate Federal Reserve report in March calculated that Americans as a whole had regained 91 percent of their losses.

 

Household wealth plunged $16 trillion from the third quarter of 2007 through the first quarter of 2009. By the final three months of 2012, American households as a group had regained $14.7 trillion.

 

Yet once those figures are adjusted for inflation and averaged across the US population, the picture doesn't look so bright: The average household has recovered only 45 percent of its wealth, the St. Louis Fed concluded.

 

That suggests that consumer spending could remain modest as many Americans try to rebuild their wealth by saving more and paying off debts. Snip

 

READ FULL SOURCE ARTICLE: 05/30/2013

 

Editor's Note: Witness the raw stench of "social justice"...