Median Family Net Worth Under 1989 Level: Debt-to-Money Worst Since 62

A greater share of Americans have more debt than money in the bank than at any point since 1962, according to Deutsche Bank economist Torsten Slok. And, in a note to clients yesterday, Slok said that, despite record stock market wealth and home price levels just shy of housing-bubble highs, Americans are poorer than at any point in nearly a quarter century.

Why it matters: The data suggest that the third-longest economic expansion in history, and the lowest jobless rate in 17 years, has benefited an exceedingly thin slice of the American public.

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Sobering Stats

  1. A greater share of Americans have more debt than money in the bank than at any point since 1962, according to Deutsche Bank economist Torsten Slok.
  2. 30.4% of US families have negative net worth despite the recovery in housing and the stock market.
  3. Median net worth is below where it was in 1989.

But perhaps the most shocking stat of all is that, on an inflation adjusted basis, net worth may be the worst in history.

$78,000 is not worth what it was in 1989, to say the least.

Read More: https://www.axios.com/americans-owe-more-save-less-and-are-poorer-than-in-decades-1515262277-9a755b0c-edd1-4abe-a9e9-1f7d1b632978.html