Excerpt
GWEN IFILL (Newshour): The financial crisis and recession led to a major decline in the household wealth of most Americans, setting many back to levels not seen since the early '90s. The Federal Reserve household survey shows the median net worth of a U.S. family dropped by nearly 40 percent, from $126,000 in 2007 to $77,000 in 2010.
The main culprit, the collapse of the housing market. But income dropped as well, from a median income of $49,600 in 2007 to $45,800 in 2010.
The survey shows the recession was wide, as well as deep.
We look more closely at all this with Paul Taylor of the Pew Research Center, and Rob Shapiro, chair of Sonecon, an economic advisory firm. He's a former undersecretary of commerce.
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