Pfeffer comments on Fed report that reveals 20-year decline in net worth among American families
a PSC In The News reference
"Liz Weston: Not feeling the recovery? You're not alone" - Chicago Tribune. 11/13/2017.
Although many indicators show a thriving US economy, the Fed's recent report tells a different story, with median family net worth lower now than in 1998 (in $2016), and working class families hit the hardest, with their net worth declining 34% since 1998. While the middle class held its own in the period, rising 3.5%, the net worth of the top 10% took off - soaring 146%. Fabian Pfeffer says this wealth decline among many US families actually started long ago - in the 1980s - but was obscured by the housing bubble.