Beginning households, those headed by a person younger 35 or younger, suffered a 35% drop in net worth to around $35,100. Older Americans, those 65 and older, suffered the least, an estimated 13% over the five years from 2005 to 2010.
The 35- to 44-age group, said Paul Tharp in the New York Post, making up the backbone of the American middle class, is typically struggling with mortgages, tuition bills and rising tax bills. The loss in their wealth is reflected primarily in the drop in value of their homes.
“Lower and middle class income households got especially creamed because their biggest asset is their home, and that got crushed,” said Mark Zandi, chief economist at Moody’s Analytics.
Overall, said Mr. Tharp, the average family lost 35% of its household wealth, composed largely of home values and stock investments. The drop in real estate and securities, including other negatives, left the average family holding net assets valued at $66,704 from $102,844 in 2010.
Citing education as a barometer in net household worth, the Census Bureau said those with a graduate or professional degree in 2010 had a net worth of $245,763, those with a bachelor’s degree had a net worth of $142,518 and those with just a high school degree had a net worth of $42,223.
With such statistics one wonders what celebrities such as Sex and the City actress Sarah Jessica Parker, fashion designer Michael Kors and Georgina Chapman, Vogue editor Anna Wintour, Olivia Wilde, actress Meryl Streep, singer Aretha Franklin, Solange Knowles, Bravo host Andy Cohen, model Chanel Iman see in President Obama — at least to pay $40,000 to attend an intimate dinner in the West Village home of Sarah Jessica Parker and her husband Matthew Broderick last Thursday night in Manhattan. As climbing unemployment and tough times were in the news that night, flouting Mr. Obama’s pronouncement last week that the private sector “is doing fine,” 50 very well heeled donors netted Mr. Obama $2 million.
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