Fed: Family Net Worth Down

It’s technically old news, but it’s still relevant: a report released Monday by the Federal Reserve found that America’s median family had the same amount of money in 2010 as they did in the early 1990s, as a result of the financial crisis. The new data was released in the Fed’s triennial Survey of Consumer finance, one of the most accurate and thorough sources of information about the wealth of American families. Though this data was collected in 2010, more recent economic reports have indicated that median American families have seen only modest gains in wealth and income in the past two years. An uptick in consumer spending has helped spur some economic growth, but the survey indicates that consumers are spending money rather than saving and repaying old debts.