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March 13, 2009

Fed: US Families Lost Record 18% of Wealth in 2008
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A new government report says American families lost a record-high amount
of wealth last year. According to the Federal Reserve, American families
in 2008 cumulatively lost 18 percent of their wealth. The losses amount
to $11 trillion, equal to the combined annual output of Germany, Japan
and the UK. As losses add up, debt is also skyrocketing. Mortgages and
credit card debt now amount to $13 trillion, or 123% of after-tax
income. In 1995, debt amounted to 83 percent of income.



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