Thursday, December 8, 2011

Number of the Day

$2.2 trillion: The decrease in the the net worth of US households during the third quarter, "its biggest hit since the height of the 2008 financial meltdown during the third quarter. ... The decline comes to about $7,800 for every US resident."

Except, of course, the wealthy have lost more money on average, but less as a percentage of the net wealth. The poor, and particularly poor people of color, have lost less on average, but more as a percentage of their net wealth. If you've only got $300 in the bank, and then it's gone, that's quite obviously a much bigger deal than losing $300,000 of a multimillion dollar fortune.

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