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Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says - The Washington Post
Keywords:
A report from the U.S. Federal Reserve on the impact of the financial crisis of 2008-2009 on the wealth of American households. Between 2007 and 2010 says the report the median net worth of American families went down by 39%, from $126,400 in 2007 to $77,300 in 2010. This had the result of putting Americans back to the level of net worth in 1992. Much of the loss in net worth was from asset value reductions. The median value of stock market based retirement accounts decreased by 7% to $44,000. The biggest drop was in housing values- falling by 42% to $55,000 in the three years. Americans are working down their debt- a quarter of families are debt free, credit card balances declined 16% to $2600 from $3100 from the period 2007 to 2010 of the report. Yet the median level of family debt remains the same as more families support their kids education by taking out college loans. Median income fell about 8% to $45,800 in 2010, with income losses especially large in the manufacturing industries as the U.S. manufacturing sector worked to improve competitiveness. Other factors supplement this picture. The burden of college loans increased to over $1 trillion for middle and working class families. With the burden of college debt young people were more likely to delay buying first homes, indefinitely dealying recovery in the housing market. Seniors on retirement see interest income from savings negligible with low interest rates and higher risk in a volatile stock market.
U.S. Federal Reserve report on the drop in incomes and net worth of American families between 2007-2010
01/02/2009
The Fed documents the impact of the financial crisis of 2008-2009 on American families. Half the middle class is dislocated financially by the crisis and minorites fare badly. Median incomes drop 8% and housing asset values drop an average of 42%. Median net worth down 39% taking it back to where it was in 1992. American families work down their debt, reducing credit card balances.
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Wall Street Journal 09/14/2011
OECD report cites rising income inequality - The Washington Post
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Americaâs Sinking Middle Class
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Wall Street Journal 09/17/2010
More Men in Prime Working Ages Don't Have Jobs
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Wall Street Journal 04/04/2009
Growing burden of college loans and student debt in the U.S. in 2011-2015
04/11/2011
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Congress Passes Bill on Highways, Student Loans and Flood Insurance
Wall Street Journal 06/30/2012
High student debt is dragging down the U.S. economy | Wonkblog
Washington Post 04/18/2013
Student Loan Debt Is a Drag on the Economy, Too
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College Tuition Increases Slow, but Government Aid Falls
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Upward Mobility Has Not Declined, Study Says
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The ’1 Percent’ isn’t America’s biggest source of inequality. College is.
Washington Post 05/23/2014
Aging, Retirement and 401(K)'s in America- 2010-2016
03/30/2010
The situation confronting the baby boom generation as it retires in the U.S. The stock market boom-bust cycles of 2000-2002 and 2006-2008 have hurt the 401(K) retirement accounts of most Americans. High unemployment and the housing crisis with many home owners under water has only worsened the situation. The difficult situation for seniors earning little interest on their savings. The problem of outliving ones savings for seniors with their money invested in bonds in a low interest rate environment. The median savings of Americans of close to $10,000 with only 10% of Americans having saved about $1 million by age 65. Longevity today means Americans are likely to live to age 85.
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Big 401(k) Mistakes … and How You Can Avoid Them
Wall Street Journal 04/13/2013
Why Many Retirees Could Outlive a $1 Million Nest Egg
New York Times 06/08/2013
Suddenly, Retiree Nest Eggs Look More Fragile
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Low Interest Rates Are Squeezing Seniors
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Chuck Schwab Is Worried About Small Investors. Should We Worry Too?
BusinessWeek 05/27/2010
An About-Face for the Stock Market’s 5-Year Return
New York Times 02/15/2014
Saving for Retirement in the U.S.
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The difficult situation of seniors earning little interest on their savings.
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Why Many Retirees Could Outlive a $1 Million Nest Egg
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Suddenly, Retiree Nest Eggs Look More Fragile
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The Five Big Lies of Retirement Planning
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The U.S. savings rate as the American public shifts to less spending, debt reduction, and higher savings after the economic crisis in 2008-2009.
02/05/2008
The increase in the savings rate as saving takes precedence.
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Economy Fitful, Americans Start to Pay as They Go
New York Times 02/05/2008
Deleveraging: It's Not Over Till It's Over
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Wall Street Journal 04/04/2009
How Righteousness Killed the World Economy
New York Times 10/12/2014
The Doomsayers Who Got It Right
Wall Street Journal 01/02/2009
U.S. Savings Rate at Highest Point in 15 Years
New York Times 06/27/2009
Realistic perspectives on the U.S. economy with the consumer and bank bad debt overhang.
03/11/2009
High Frequency Economics's Ian Shepherdson and other experts look at the effect of debt in estimating growth.
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Deleveraging: It's Not Over Till It's Over
Wall Street Journal 03/11/2009
How Righteousness Killed the World Economy
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New York Times 11/29/2009
Tom Keene Talks with David Stockman
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Economist Shiller Sees Potential for 'Double Dip' Recession
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How to Fix the Economy: An Expert Panel
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The deleveraging process for debt reduction of banks, homeowners, consumers, and government underway in the U.S. 2009-2015
01/06/2009
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Deleveraging: It's Not Over Till It's Over
Wall Street Journal 03/11/2009
How Righteousness Killed the World Economy
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Retailers Can’t Gas Up on Oil Savings
Wall Street Journal 05/14/2015
Cheap Oil Gives Little Help to U.S. Spending
Wall Street Journal 12/11/2015
Wall Street Journal 09/08/2011
U.S. poverty rate reaches 15.1 percent - The Washington Post
Washington Post 09/13/2011
Decline in household income in the U.S. 2009-2012
09/17/2010
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Wall Street Journal 09/14/2011
Wall Street Journal 09/17/2010
Wall Street Journal 02/02/2012
The world economy: Wealth without workers, workers without wealth
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Hiring Booms, but Soft Wages Linger
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Recession Officially Over, U.S. Incomes Kept Falling
New York Times 10/09/2011
Incomes, and labor force participation rates in the U.S. for seniors over age 75
03/30/2010
The changing situation for Americans of retirement age.
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Wall Street Journal 09/14/2011
Why Many Retirees Could Outlive a $1 Million Nest Egg
New York Times 06/08/2013
Low Interest Rates Are Squeezing Seniors
Wall Street Journal 03/30/2010
Chuck Schwab Is Worried About Small Investors. Should We Worry Too?
BusinessWeek 05/27/2010
Takeaways From the Monthly Jobs Report
Wall Street Journal 04/05/2014
Wall Street Journal 08/12/2014
Poverty among white Americans in 2010-2015
03/11/2009
A previous generation could count on good jobs in manufacturing with only a high school education. The last two decades of globalization have hit manufacturing jobs and wages in the U.S. hard and the impact is greatest on people without a college education. Other problems aggravating income and causing poverty is the increase of dropout rates from the labor force of young white American men, the effects of drug use and the lack of stable marraiges. This creates an underclass of whites in America, similiar to the underclass among minorities.
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Racial Wealth Gap Widened During Recession
New York Times 04/28/2013
Wall Street Journal 09/14/2011
New York Times 06/22/2013
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U.S. Schools Chief Arne Duncan Labors to Straddle Political Divide
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New York Times 02/10/2010
Wages, benefits and productivity in U.S. manufacturing 2005-2015
01/01/2010
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Does America Need Manufacturing?
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Whirlpool Shifts Some Production to U.S. From Mexico
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U.S. Productivity Growth Has Taken a Dive
Wall Street Journal 02/04/2014
Falling Wages at Factories Squeeze the Middle Class
New York Times 11/20/2014
American Cities- A growing divide in 2012-2013 based on the proportion of college graduates in the population
11/02/2008
Cities like Washington D.C., San Francisco, Raleigh, N.C., have high proportion of college graduates in the population- as high as 40% in Washigton D.C.- with resuliting lower unemployment of about 7.5% or less. Other cities like Dayton and Youngstown in Ohio and Bakersfield, California, have a low proportion of college graduates- 20% in Dayton- and high unemployment of about 10.5%
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Cities Adapt With Mixed Results
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Frayed Prospects, Despite a Degree
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America's Hispanic people and the global financial crisis of 2008-2009
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How the housing crisis is affecting Hispanics people. How the dowturn in construction affects them, and the changes in immigration and unemployment.
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Job Growth for Hispanics Is Outpacing Other Groups
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Fragility of social cohesion in the U.S. with unemployment concentrated in the lower middle and working classes.
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Figures from the Center of Labor Market Studies of Northeastern University in Boston showing unemployment of 9% in the $40,000 to $50,000 annual household income group and going up to 31% at the lowest income group. Higher inequality as differences in education between lower income and higher income Americans grows. The problem of the long term unemployed is a serious one.
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Increasing disparities in income in major U.S. urban areas in 2009-2013
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High unemployment and poverty in major urban areas of the US including Washington D.C. This is especially true for those without a college education.
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Failure of U.S. colleges and universities to reduce costs and lower the tution burden
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An increasingly important issue as student debt passes $1 trillion inthe U.S. and hurts the economy
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Student Loan Debt Is a Drag on the Economy, Too
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Obama Wants College Aid Tied to Rating System
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California College Chief Calls for Tuition Freeze
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The Obama administration's push for college-for-all and problems with student debt and lack of vocational training
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Jamie Dimon’s harried JPMorgan Chase pushes campaign for worker training - The Washington Post
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The Ripple Effects of Rising Student Debt
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Household debt, income and savings in the U.S.- 2010-2015
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The highly artificial nature of disposable income in the U.S. in 2010-2012
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One analyst calls it a dangerous aneuyrism. The U.S. consumer came out of the 2008 financial crisis with low savings and high debt. The additional consumer spending that is occurring in 2011 is coming from continued spending at high debt levels and is not sustainable according to experts.
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Low Rates for Savers Are Reason for Complaint - Fair Game
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Washington Post 06/12/2012
Student debt and the added burden it poses for the U.S. economy in 2012-2015
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The effects on new home purchases by younger buyers of first homes of the pile up of large student debt.
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Wall Street Journal 09/17/2010
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Wealth gap in the U.S. between whites and minorities- devastating impact of the recession of 2008
01/05/2009
Hispanics and blacks counted housing equity as a much bigger part of their assets than whites. The recession and financial crisis of 2008 wiped out fully two thirds of the median net worth of Hispanic families and one half for Black families, with both groups having close to $6000 in total median net worth in 2010, according to data from Pew surveys.The recession has proved to be severe in its impact on minorities, and the election of a black president has done little to improve things- especially considering the dismal record of the Obama administration in helping prevent foreclosures.
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Economic Recovery Yields Few Benefits for the Voters Democrats Rely On
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Geithner Book Reveals Consensus, Not VIsion, During Financial Crisis
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Export of manufacturing jobs from the U.S.
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Andy Grove: How America Can Create Jobs
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Wall Street Journal 10/02/2010
A part-timer boom, or blip? - The Washington Post
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Why Manufacturing Still Counts in the U.S. Economy
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U.S. manufacturing cost-competitiveness with China and Mexico leading to the return of outshored manufacturing jobs
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China Factories Try Karaoke, Speed Dating to Keep Workers
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Mexico, China Seek to Jump-Start Trade
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Strains Show in China's Job Market
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Robots May Revolutionize China's Electronics Manufacturing
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The nature of unemployment in this U.S. downturn as men, young people and the less educated are the worst hit groups.
03/11/2009
In this US downturn men are hit harder than women with job losses in manufacturing and construction, the less educated hit hardest, and young people also hit hard.
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BusinessWeek 07/01/2010
Wall Street Journal 10/02/2010
More Men in Prime Working Ages Don't Have Jobs
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America's black people and the economic crisis of 2009-12.
01/05/2009
How the crisis is affecting black people. How the housing crisis has affected them, how the cities are doing for unemployment and underemployment. How the auto industry has affected black people.
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What would MLK say to President Obama? - The Washington Post
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Public-Sector Jobs Vanish, Hitting Blacks Hard
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Starbucks Leads Multi-Company Initiative to Hire 100,000 Young, Minority Workers
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From slavery to Ferguson, Ken Burns sees an unfinished Civil War - The Washington Post
Washington Post 09/09/2015
Benjamin Friedman on high unemployment, income gaps and higher inequality, and the consequences for the social fabric of America
08/06/2010
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New York Times 06/22/2013
OECD report cites rising income inequality - The Washington Post
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New York Times 09/12/2013
The Economy Needs a Bit of Ingenuity
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A Look at the Global One Percent
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The world economy: Wealth without workers, workers without wealth
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High unemployment and declining wages in the U.S.: 2010-2012
01/01/2010
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Wall Street Journal 08/12/2013
No longer the land of opportunity - The Washington Post
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Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones
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The world economy: Wealth without workers, workers without wealth
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Falling Wages at Factories Squeeze the Middle Class
New York Times 11/20/2014
Poverty and hunger in the USA as unemployment exceeds 10%.
06/06/2009
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The Less Educated Take the Worst Hit
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A Better Way to Measure Poverty
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Hunger in U.S. at a 14-Year High
New York Times 11/17/2009
Utility Shutoffs Climb by 5% Despite Doubling of U.S. Aid
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Living on Nothing but Food Stamps
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Reports by the Federal Reserve and Sentier Research on the decline in income and net worth, higher debt levels of American households
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