Family Savings Look Scary Across the BoardThe 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.
: Meet the typical American family.
It has about $3,800 in the bank. No one has a retirement account, and the neighbors who do only have about $35,000 in theirs. Mutual funds? Stocks? Bonds? Nope. The house is worth $160,000, but the family owes $95,000 on it to the bank. The breadwinners make more than $43,000 a year but can’t manage to pay off a $2,200 credit card balance.
That is the portrait of the median American household as painted by the Federal Reserve Board’s Survey of Consumer Finances. The survey, which does not distinguish between sizes of families, nevertheless offers the most detailed look available of the balance sheet of U.S. households.Wait, before you go…
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