Things feel tight…because they ARE. The Federal Reserve confirmed it today:  Most Americans have lost up to 40% of everything they have since 2008.  MIDDLE AMERICANS, have lost more…because those of us in the MIDDLE…are more likely to lose our jobs, our homes, and our futures.  From the L.A. Times:

“The Great Recession took such a heavy toll on the economy that the typical American family lost nearly 40% of its wealth from 2007 to 2010, shaving the median net worth to a level not seen since the early 1990s.

Middle America Hurt THE WORST..

The Federal Reservesaid in a new report Monday that median family net worth, the point smack in the middle of those richer and poorer, fell to $77,300 in 2010 from $126,400 three years earlier after adjusting for inflation.

The fall came with the collapse in the housing market and massive layoffs that slashed people’s incomes, and the pain was felt by families across the board — young and old, well-educated and less so, with children or not.

Will Middle America Have Any Savings To.....Pass On?

But the biggest impact was felt by young middle-age families, those headed by people ages 35 to 44. For this group, the median net worth — total assets minus debts — fell a whopping 54% in the three-year period to $42,100 in 2010. Such was their financial hardships that only 47.6% of these families said they had saved money in 2010; that was the lowest among all age groups, where an overall average of 52% of families saved some money that year.”

Read more:  http://www.latimes.com/business/la-fi-mo-economy-wealth-20120611,0,5418853.story

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Filed under: Economy, Featured, Inside The KC, Politics by Sonja Eddings Brown, Jun 11, 2012