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Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles Americans $1.7 trillion poorerE-mail - editor@economyincisis.org |
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Debt, debt and more debt... Source CNN Money: Americans saw their net worth decline by $1.7 trillion in the first quarter - the biggest drop since 2002 - as declines in home values and the stock market ravaged their holdings. Meanwhile, the amount of equity people have in their homes fell to 46.2%, the lowest level on record. ... The recent declines, however, may not affect consumer spending, said Michael Englund, senior economist with Action Economics. Americans have actually spent more in recent months, particularly at the gas pump as fuel prices soared. Americans "are spending everything in their wallet and borrowing more," Englund said. Click here to contact your Representative in Congress. Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles
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