Americans' Net Worth Posts First Gain in Nearly 2 Years

Topspin said:
Americans' Net Worth Posts First Gain in Nearly 2 Years
Published: Thursday, 17 Sep 2009 * 12:32 PM ET Text Size By: Reuters

U.S. households' net worth rose by $2 trillion to $53.1 trillion in the second quarter, the first increase since before the recession began in 2007, Federal Reserve data showed on Thursday.

The increase in wealth, the first since the third quarter of 2007, came in a period that saw stabilization in the housing market and huge gains in global financial markets. However, even with the $2 trillion rise, household net worth was still well below 2007's level of $63.9 trillion.

The steep drop in wealth has put a damper on consumer spending, which normally accounts for about 70 percent of U.S. economic activity, and has encouraged households to boost savings.

The Fed's quarterly Flow of Funds report also showed households and nonfinancial businesses pared debt, while the federal government piled more on as it stepped up recession-fighting efforts.


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Household debt contracted at a 1-3/4 percent annual rate in the second quarter, the fourth consecutive quarter of decline, reflecting drops in both mortgage debt and consumer credit such as credit cards.

Nonfinancial business debt also contracted at a 1-3/4 percent annual rate, the largest quarterly drop since 1993, according to the Fed. The decline was concentrated in commercial paper, loans, and commercial mortgage borrowing.

The federal government's debt increased at a 28-1/4 percent annual rate in the second quarter. The Obama administration has forecast a record $1.6 trillion budget gap for this fiscal year.

Copyright 2009 Reuters. Click for restrictions.
Topics:Personal Finance * WealthPrintEmail
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I think this would be more appropriately titled "some Americans post first networth gains in two years", to indicate that the money is going to those who don't deserve it.
 
Southern Man said:
Again, she'd kick your ass if you looked the wrong way at here. Whatever was left I'd mash into hamburger. Besides, you can't say where this dream of your even took place, proving once again that you're a liar. :)
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Grandpaw if that was truely your picture you better bring somebody with you because you won't last 5 minutes. It's good your wife can fight, I don't look for that in a woman. Then again a lot of conservative woman are big.
 
Topspin said:
you might be old, but your mouth is writing checks you can't cash.
Covington, La well see what an old windbag engineer can do man to man.
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Topspin's off his meds today. Maybe I can get him to commit suicide if I ask him the same question over and over. :)
 
I answered you already. I nor anybody else here has never seen a net worth calculation include everybody's share. I'd love you to show it. I do know it's way more per person than what you referred earlier.
 
Topspin said:
I answered you already. I nor anybody else here has never seen a net worth calculation include everybody's share. I'd love you to show it. I do know it's way more per person than what you referred earlier.
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So your answer is that it doesn't, so it's not an indicator at all that folks have more available to them, because we're eventually going to have to pay the governments bills. And it certainly isn't an indicator that the economy is doing well. LOL
 
Southern Man said:
So your answer is that it doesn't, so it's not an indicator at all that folks have more available to them, because we're eventually going to have to pay the governments bills. And it certainly isn't an indicator that the economy is doing well. LOL
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What makes it retarded is the fact that you don't understand that YOU personally don't have a share of that debt you have to pay back. It's a bogus, made-up figure that has no baring on your personal financial outlook.
 
Southern Man said:
So your answer is that it doesn't, so it's not an indicator at all that folks have more available to them, because we're eventually going to have to pay the governments bills. And it certainly isn't an indicator that the economy is doing well. LOL
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Where are your numbers with the debt taken out. I agree with your princible I'm just saying in the 200 times I've seen net worth it's never taken out. Like I said I think it would be thousands per person not hunderds.
 
What have average wages done?

A few thousand people making money on the market skews average income all to heck.
 
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