This just in: U.S. households are getting poorer. As the crisis continues to wreak havoc on our economy, new data from the Federal Reserve tells us that U.S. net household worth has dropped $1.5 trillion in the second quarter of 2010 and is down more than $10 trillion since the recession began.
The tragic task of tallying the number of Iraqis who have been killed in the war has been attempted by various parties with vastly different results, largely because of built-in logistical issues, and now the WHO’s health ministry has released its own figures while acknowledging the impossibility of precision.
The Federal Reserve finds that the average family has only about $3,800 in the bank, no retirement account and no stocks or bonds, and can’t pay off a $2,200 credit card balance. Pretty grim…. But don’t fear. Tax cuts for the rich will make everything all better.