[…] If it weren’t for inflation, nobody would invest in real assets, and the rich really would own everything (instead of almost everything). […]
horn
Most of the data from the source is wrong, except for when they directly quote [and not massage] the data from the Fed’s FoF report [or other Fed sources], issued Qtly.
‘Most noticeably, median incomes moved higher for retirees and other nonworking families. … The decline in mean income was even more widespread than the decline
in median income, with virtually all demographic groups experiencing a decline between
2007 and 2010; the decline in the mean was most pronounced in the top 10 percent of the income distribution and for higher education or wealth groups.’
[…] looking for an explanation of that, you probably don’t have to look much farther than the spectacular concentration of wealth over the last three decades. Rich people spend a smaller proportion of their wealth each year than poorer people. So if wealth […]
[…] looking for an explanation of that, you probably don’t have to look much farther than the spectacular concentration of wealth over the last three decades. Rich people spend a smaller proportion of their wealth each year than poorer people. So if wealth […]
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6 responses to “Household Net Worth by Quintile, ’62-’09 (Be Prepared to Scroll)”
[…] If it weren’t for inflation, nobody would invest in real assets, and the rich really would own everything (instead of almost everything). […]
Most of the data from the source is wrong, except for when they directly quote [and not massage] the data from the Fed’s FoF report [or other Fed sources], issued Qtly.
E.g. http://www.federalreserve.gov/pubs/bulletin/2012/PDF/scf12.pdf
‘Most noticeably, median incomes moved higher for retirees and other nonworking families. … The decline in mean income was even more widespread than the decline
in median income, with virtually all demographic groups experiencing a decline between
2007 and 2010; the decline in the mean was most pronounced in the top 10 percent of the income distribution and for higher education or wealth groups.’
Avg Net Worth change 2007-2010 — {ibid}
Lowest quintile +5.9% [plus 5.9 percent]
2nd Lowest: -9.5%
Middle quintile: -9.55%
2nd highest: -25.4%
80-89.9% decile: -11.2%
90-100% decile: -15.3% [minus 15.3%]
Using the Fed’s actual data, instead of…imputed + massaged guesstimates gives you a different answer.
@horn
07-10 is a decidedly skewed sample in the long-term picture.
http://www.asymptosis.com/recessions-are-natures-way-of-keeping-the-little-guy-down.html
[…] looking for an explanation of that, you probably don’t have to look much farther than the spectacular concentration of wealth over the last three decades. Rich people spend a smaller proportion of their wealth each year than poorer people. So if wealth […]
[…] looking for an explanation of that, you probably don’t have to look much farther than the spectacular concentration of wealth over the last three decades. Rich people spend a smaller proportion of their wealth each year than poorer people. So if wealth […]