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 The data is in and household net worth in the United States has risen for the 3rd straight quarter.� This brought American household net worth to $54.2 trillion.� That means we only need to increase household net worth by 21% more to reach the high-water mark of $65.9 trillion achieved during the bubble as excess housing inventory works itself off, new households are formed, and savings replenish the losses that were incurred during the crash.
This is only three months on the heels of the news that the average 401(k) investor now has more money in their account than they did before the crash.
An "Unequal" Recession
Depending upon where you fall in the economic spectrum you either believe it or not (the data doesn't lie, but some people are psychologically wired to overweight what they see in their own lives and ignore what is happening the next city over, for example).� This has not been a so-called "equal" recession because the burden is falling more heavily on unskilled workers and those who are part of the working class more than knowledge workers.� According to The Washington Post, unemployment among young African American men now stands at a staggering 34.5%.
For others, the story is much different.� Two of my good friends, for example, are married to each other - she is a loan modification officer at a regional bank and he just graduated from college with a degree in engineering and a sub-specialty in nuclear energy (or something comparably technical).� They both effectively paid their own way through school and now, in their mid-twenties, will have a household income that puts them in the top 10% of earners nationwide within twelve months |
