Better off than you were four years ago?
If you are feeling less wealthy today than you were a few years ago, little wonder. A Federal Reserve report released Thursday showed that the average inflation-adjusted income between 2001 and 2004 fell 2.3 percent. That was the poorest performance since the period 1989 to 1992.
Average net worth, which includes savings, real estate and stock assets, rose 6.3 percent in 2001-04. But the gains weren't equally shared. The top 10 percent of households saw their net worth increase 6.1 percent while the lowest 10 percent saw a decline, from a net worth in which their assets equaled their liabilities in 2001 to owing $1,400 more than their total assets in 2004.
The percentage of Americans who owned stocks, either directly or in mutual funds, was lower in 2004 than it was in 1998.
Any reason to think things will improve in the next few years?
Average net worth, which includes savings, real estate and stock assets, rose 6.3 percent in 2001-04. But the gains weren't equally shared. The top 10 percent of households saw their net worth increase 6.1 percent while the lowest 10 percent saw a decline, from a net worth in which their assets equaled their liabilities in 2001 to owing $1,400 more than their total assets in 2004.
The percentage of Americans who owned stocks, either directly or in mutual funds, was lower in 2004 than it was in 1998.
Any reason to think things will improve in the next few years?
posted by Randy Bergmann at 9:01 AM
4 Comments:
There are many reasons for this stat, beginning with the colapse of education in the US. We have rapidly transformed our economy from a mighty industrial and technical nation to a service economy.
As other nations understand the value of education, it seems that we continue with the dumming down of students, so that we don't offend them.
We have come to a point where we are no longer in charge of our destiny. We depend on the people of other nations to do the skilled and non skilled labor.
The Roman Empire was mighty enough that they could not be defeated by external sources. They could only fall from within: and they did.
"He who does not learn from history is destined to repaet it."
How can anything improve for the people when you have corporations running the country? We worker bees are getting tired of shelling out while the rich get richer. This is no longer a country by and for the people. It is a country run by an elite few. It can only get worse unless the powers that be change.
To William Hobday:
It sounds like you want to fire all the teachers. I agree. The NJEA is about as corrupt an organization that has ever existed.
When people stop spending more than they earn then things will get better for them.Do you really need a cell phone, cable tv, fast food every day and the latest car in the driveway?Too many people are living beyond their means and they blame everyone but themselves.
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