{"id":63453,"date":"2014-08-02T09:00:20","date_gmt":"2014-08-02T14:00:20","guid":{"rendered":"http:\/\/thesocietypages.org\/socimages\/?p=63453"},"modified":"2014-08-02T14:12:36","modified_gmt":"2014-08-02T19:12:36","slug":"saturday-stat-the-impoverishment-of-the-american-household","status":"publish","type":"post","link":"https:\/\/thesocietypages.org\/socimages\/2014\/08\/02\/saturday-stat-the-impoverishment-of-the-american-household\/","title":{"rendered":"Saturday Stat: Median Household Wealth Fell by 1\/3 since 2003"},"content":{"rendered":"<p style=\"color: #222222;\">According to a June 2014\u00a0<a style=\"color: #004477;\" href=\"http:\/\/web.stanford.edu\/group\/scspi\/_media\/working_papers\/pfeffer-danziger-schoeni_wealth-levels.pdf\">Russell Sage Foundation report<\/a>, the average U.S. household experienced a real wealth decline of more than one-third over the 10 years ending in 2013.<\/p>\n<p style=\"color: #222222;\">Table 1 shows that the net worth of the median household fell from $87,992 in 2003 to $56,335 in 2013, for a decline of 36%. \u00a0In fact, the last ten years were hard on the overwhelming majority of American households.\u00a0 Only the top 2 groups enjoyed wealth gains over the period. \u00a0Also noteworthy is the tiny net worth of households below the median.<\/p>\n<p style=\"color: #222222;\"><a href=\"https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/19.jpg\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-63454\" src=\"https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/19-500x252.jpg\" alt=\"1\" width=\"500\" height=\"252\" srcset=\"https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/19-500x252.jpg 500w, https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/19-1024x517.jpg 1024w, https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/19.jpg 1268w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\n<p style=\"color: #222222;\">Figure 1 provides a longer term perspective on wealth movements.\u00a0 We can see that most households enjoyed growing wealth from 1984 to the 2007 crisis, with wealth falling across the board since.\u00a0 However, the median household is now significantly poorer than it was in 1984.\u00a0 Only the richer households managed to maintain most of their earlier gains in wealth.<\/p>\n<p style=\"color: #222222;\"><a href=\"https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/21.jpg\" data-rel=\"lightbox-image-1\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-63455\" src=\"https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/21-500x344.jpg\" alt=\"2\" width=\"500\" height=\"344\" srcset=\"https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/21-500x344.jpg 500w, https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/21-1024x705.jpg 1024w, https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/21.jpg 1263w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\n<p style=\"color: #222222;\">These trends highlight the fact that we have a growing inequality of wealth, as well as of income, and they are not likely to reverse on their own.<\/p>\n<span class=\"ft_signature\">Martin Hart-Landsberg is a professor of economics at <a href=\"http:\/\/college.lclark.edu\/faculty\/members\/martin_hart-landsberg\/\">Lewis and Clark College<\/a>.  You can follow him at <a href=\"https:\/\/economicfront.wordpress.com\/\">Reports from the Economic Front<\/a>.<\/span>","protected":false},"excerpt":{"rendered":"<p>According to a June 2014\u00a0Russell Sage Foundation report, the average U.S. household experienced a real wealth decline of more than one-third over the 10 years ending in 2013. Table 1 shows that the net worth of the median household fell from $87,992 in 2003 to $56,335 in 2013, for a decline of 36%. \u00a0In fact, [&hellip;]<\/p>\n","protected":false},"author":1853,"featured_media":63455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[29,36,12498,23635,253],"class_list":["post-63453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-class","tag-economics","tag-economics-great-recession","tag-economics-history","tag-history"],"jetpack_featured_media_url":"https:\/\/thesocietypages.org\/socimages\/files\/2014\/07\/21.jpg","_links":{"self":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts\/63453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/users\/1853"}],"replies":[{"embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/comments?post=63453"}],"version-history":[{"count":5,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts\/63453\/revisions"}],"predecessor-version":[{"id":63533,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts\/63453\/revisions\/63533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/media\/63455"}],"wp:attachment":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/media?parent=63453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/categories?post=63453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/tags?post=63453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}