Baku – APA-Economics. The Great Recession shrank Americans’ wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation, the Federal Reserve reported Monday. Median net worth declined from $126,400 in 2007 to $77,300 in 2010, a Fed survey of family finances found. The median marks the point where half had more and half had less. The recession officially began in December 2007 and ended in June 2009.
Net worth is the value of assets like homes, bank accounts and stocks, minus debts like mortgages and credit cards. The Fed survey found that median incomes fell from $49,600 in 2007 to $45,800 in 2010, a drop of 7.7 percent.
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