The American middle-class has essentially been a frog in a pot of water for decades. The Fed wizards have turned up the dial slowly so we barely recognize we’re being cooked. Here are some eye-opening stats via the always astute Mike Shedlock.
The stock market is at an all-time high but Americans Owe More, Save Less, and are Poorer Than in Decades.
Negative Wealth Percentage On the Rise
- A greater share of Americans have more debt than money in the bank than at any point since 1962, according to Deutsche Bank economist Torsten Slok.
- 30.4% of US families have negative net worth despite the recovery in housing and the stock market.
- Median net worth is below where it was in 1989.
- Inflation adjusted, net worth may be the worst in history. $78,000 is not worth what it was in 1989, to say the least.
Mike “Mish” Shedlock
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