Authored by Mike Shedlock via www.themaven.net/mishtalk,
As the stock market soars to new highs, here’s some sobering statistics to consider.
The stock market is at an all-time high but Americans Owe More, Save Less, and are Poorer Than in Decades.
Negative Wealth Percentage On the Rise
Net Worth Going Nowhere
- 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.
- 30.4% of US families have negative net worth despite the recovery in housing and the stock market.
- 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.