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View Diary: Fox expert pundit panel gets everything wrong on the economy (68 comments)

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  •  probably; I heard that the average American (1+ / 0-)
    Recommended by:
    Gordon20024

    family has a net worth of $78,000, most of it home equity.  This was germane as I noted my son in law's annual contribution to his 401K was about $1100 this past year.  He would increase the amount but the rest of his income goes to feeding the family.  Hard to be a Wall Street mogul and feed the kids

    •  I would think that is way higher (0+ / 0-)

      than the median, especially if debts are counted. (I know, you said "net" worth, but something tells me they meant net "assets" . . .)

      "Lone catch of the moon, the roots of the sigh of an idea there will be the outcome may be why?"--from a spam diary entitled "The Vast World."

      by bryduck on Thu Jan 31, 2013 at 09:40:29 AM PST

      [ Parent ]

      •  here tis; 40% drop in net worth from 2007 to 2012 (1+ / 0-)
        Recommended by:
        bryduck

        http://www.usnews.com/...
        http://money.cnn.com/...
        from $126,400 to $77,300

        Note much of the original number and the drop were attributed to the real estate bubble so the 2007 assets were not "real" but still, considering the number of two income families, this number shows the inability of families today to accumulate wealth or to pass it down.  Maybe we need an inheritance EITC program where every American is guaranteed a certain minimum inheritance    

        •  Well, hush my mouth, then! (0+ / 0-)

          It is surprising to me, given my place well above the median in income, yet I have negative wealth. Anecdotes aren't evidence example # 47856545674356784365786

          "Lone catch of the moon, the roots of the sigh of an idea there will be the outcome may be why?"--from a spam diary entitled "The Vast World."

          by bryduck on Thu Jan 31, 2013 at 12:04:20 PM PST

          [ Parent ]

          •  don't feel bad (0+ / 0-)

            while I don't have negative wealth, what I have accumulated has taken over 40 years of saving and much of it went either into the bust of 2007 or into paying medical bills.  My son in law faces the problem of being a bit over median but yet is unable to save.  Every time he gets a bit squirreled away, it seems there is some sort of emergency to take it all away again

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