From the New York Post:
Young households ‘crushed’ by recession
By PAUL THARP
June 19, 2012
Young US households – those aged 35-to-44 – lost a stunning 59 percent of their wealth during the recession, a government report released yesterday revealed.
That’s the stiffest hit of any age group, said the report from the US Census Bureau.
The age group – typically struggling with mortgages, tuition bills and rising tax bills -makes up the backbone of America’s middle class.
How could that have happened when Barack Obama put Joe Biden himself in charge of protecting the middle class?
The losses were mainly due to the drop in the value of their homes during the 2005 through 2010 period, the report said.
“Lower- and middle-income households got especially creamed because their biggest asset is their home, and that got crushed,” said Mark Zandi, chief economist at Moody’s Analytics.
So where is ‘Sherriff Joe’?
Though, to be fair, we now know that ‘Bite Me’ didn’t come from the lower or middle classes, after all. In fact, Biden is insulted that anyone would even think that.
Overall, the average family lost 35 percent of its household wealth, composed largely of home values and stock investments.
The plunge in real estate and securities, among other negative events, left the average family holding net assets valued now at $66,704, a steep drop from $102,844 in 2010…
But the private sector is doing fine.