Why is the financial pain limited to the 99%? Wall Street pay has declined, but it's fair to see that most Americans would gladly live on their income level, even in it's current state. Our failure to address this problem only reinforces the argument that neither party represents middle class America. Bloomberg:
The average American family lost 38.8 percent of its wealth from 2007 to 2010, with the biggest losses concentrated among households with the most assets tied to their homes, a Federal Reserve study shows.
Median net worth declined to $77,300 in 2010, an 18-year low, from $126,400 in 2007, the central bank said in its Survey of Consumer Finances. Mean net worth fell 14.7 percent to a nine-year low of $498,800 from $584,600, the central bank said today in Washington.