Monday, April 30, 2018
One-third of American households have essentially zero liquid wealth
Market Watch reports a Consumer Financial Protection Board paper maintaining that one third of American households can’t afford food, shelter and medical care and are essentially in the hole.
The median family net worth in 2017 was about $81000, and that presumes an average household size slightly larger than 2.5 people. So the per person average net worth would be about $35000, including minor children.
The report expands to a full dashboard, “The State of the American Wallet”.
But the tendency of the past three or four decades, with the increase in technology and the reduction in family size, has been a “winner take all” economy.
This was shared by conservatives on Facebook, and one person commented that “charity begins in the home.”