Once again, this BLOG is a great review of items that we should all care about. As he says, this information is looking in the rear view mirror, but, how does this effect all of us going forward? Read on…
US family finances, 2007-2010
Early this week the Fed released a report on its triennial survey of consumer finances. The 80-page, densely written document covers the period from 2007-2010–the heart of the Great Recession. The main conclusions, as I see them:
After remaining flattish over the earlier part of the decade, median (that is, list incomes in size order and pick the middle one) family income in the US fell by 7.7% to $45,800 during 20070-2010.
For the 40% of families headed by a person aged 55 or older, however, median income actually rose during the period.
The decline in income was especially sharp for highly educated families, and for those living in the South or West.
Mean income (that is, add incomes all up and divide by the number of families) dropped by 11.1%, meaning that higher than average incomes dropped the most. The highest-income 10% of families…
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