Staggering Stats

As optimism sweeps the nation today it would be wise to consider the following statistics:  Americans have lost one-quarter of their net worth in just a year and a half, since June 30, 2007, and the trend continues.  Americans' largest single asset is the equity in their homes.  Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008.  Total retirement assets, Americans' second-largest household asset, dropped by 22%, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion.  Taken together, these losses total a staggering $8.3 trillion.   Good luck in turning the economy around President Obama!

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