Disturbing Numbers From The Fed

From the Fed, here are some numbers to think about:

  • Inflation adjusted net worth for the median family increased 17.7% from 2004 to 2007. It stood at $120,300 at the end of 2007. At the end of October 2008┬áit was $98,900 which is not only 3.2% less than a year ago but 2% less than it was in 2001. The 2001 survey was done after the dot com bubble burst. Note that stocks and housing prices have fallen further since the survey was completed.
  • Median income was basically flat from 2004 to 2007. The median income in 2007 was $47,300, $400 less than in 2004. The average income for those in the top tenth of the income scale increased by 20% to $398,000. The average income for those in the bottom fifth of the scale saw their income increase by $400 to $12,300.
  • Debt service became more of a burden as 14.7% of households were paying more than 40% of their income to service debt versus 12.2% in 2004. More than 25% of those at the lowest end of the income scale were paying more than 40%.

Those aren’t figures that one would like to see in a healthy society.

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