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A New Wealth Snapshot: We're Top Heavier
RayWatkins
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8-6-2007 5:43 PM
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class
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economics
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american
,
income
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color:#ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/28b73952-a58c-4c63-95ae-f0782df279c9/AF1050F0-F0E0-4768-B77D-3C38C32B57E6/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.cipa-apex.org/toomuch/articlenew2007/July16a.html" href="http://www.cipa-apex.org/toomuch/articlenew2007/July16a.html" style="font-size: 11px;">www.cipa-apex.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cipa-apex.org/toomuch/articlenew2007/July16a.html"><P class="storytext"><SPAN class="indextext">Wolff’s numbers tell a stunning story. Between 1983, the year the Fed started tracking wealth, and 2004, the most recent year with data, America’s top 1 percent saw their average net worth, after adjusting for inflation, jump by over $6 million, or 78 percent. </SPAN> </P><P class="storytext"><SPAN class="indextext">Over that same period, the bottom 40 percent of America's households saw their average household net worth drop by 59 percent, down to just $2,200. </SPAN> </P><P class="storytext"><SPAN class="indextext">And in the middle: “a sharp rise in the debt-equity ratio,” the amount of debt held by middle class families compared to their assets. </SPAN> </P><P class="storytext"><SPAN class="indextext">In 1983, debts equaled 37 percent of the assets of the middle 60 percent of U.S. households. In 2004, the debts of middle class households totaled 62 percent of their assets.</SPAN></P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/AF1050F0-F0E0-4768-B77D-3C38C32B57E6/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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