Household Wealth in Freefall

Here is an excellent article I would like to share with you published by the Center for American Progress.

Family wealth in the United States continues to take a beating as its housing market and financial markets suffer from the 16-month-and-running Bush recession. Household wealth in our country dropped sharply after reaching an $81 trillion peak in June 2007. By the end of December 2008‚ – the last full quarter for which data are available and one full year into the current recession – about $15 trillion in private family wealth had evaporated.

America’s Middle Class Still Losing Ground

This is a very interesting article I came across that was published by the Center for American Progress. I think you’ll find some very sobering stats about families.

Authors: Christian E. Weller, Amanda Logan

Middle class economic security is taking an ever harder hit as economic conditions worsen.

America’s middle-class families are still struggling. With the current economic downturn, economists, policymakers, and pundits alike now recognize what many middle-class families have long been feeling: that their financial security is in decline. Although economists so far have not officially announced the beginning of a recession this year, the sharp downturn in economic growth certainly has made things worse for families who have been struggling for years with massive amounts of debt, declining incomes, and rising prices.