byon June 13, 2012
The great recession, it seems, goes on. While I don’t like statistics as morality, and I hate how much this stuff lends itself to inane talking points in politics, this was just striking. I saw it on CNN Monday: Family net worth plummets 40%. The illustration is by CNN, and sources are cited in the small print.
The piece says:
The stunning drop in median net worth — from $126,400 in 2007 to $77,300 in 2010 — indicates that the recession wiped away 18 years of savings and investment by families.
I’m not an economist so I don’t draw conclusions. I am a skeptic so I question the statistics, always; but this seems hard to dispute.
And we see it, don’t we? Aside from the politics? People out of work, people looking for jobs, people sticking to jobs they hate. The great recession of 2007-09 dropped 10 or 12 millions out of the economy, out of work. Millions of them are still down looking up. No wonder growth is down and sales sluggish.
These are hard times.