American Families Are Poorer Than in 1989

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[Businessweek.com]

The deterioration in American families’ wealth is even worse than you would know from this morning’s headlines about the Federal Reserve’s Survey of Consumer Finances (PDF). According to my calculations, the inflation-adjusted median net worth of American families was lower in 2010 than in 1989.

Read more from Bloomberg Businessweek editor Peter Coy.