Thanks Obama and his voters – American Households Hit 43-Year Low In Net Worth

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obama-laughingThis is for you Obama voters and so called Republicans who couldn’t get off your asses to vote for Mitt Romney on election day. American households have now hit a 43 year low in net worth. The last time household incomes were this low was during the hippie times of 1969. I guess there wouldn’t be too many Americans taking $4 million vacations this year.

The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.

According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.

According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent. The “less than $10,000″ figure includes the numerous households that have no assets at all, or “negative assets,” which is otherwise known as “debt.