Fed: Family Net Worth Down

    WASHINGTON, DC - MARCH 01:  Federal Reserve Board Chairman Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee March 1, 2012 in Washington, DC. Bernanke testified on "The Semiannual Monetary Policy Report to the Congress."  (Photo by Win McNamee/Getty Images)

    Win McNamee / Getty Images

    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.

    Read it at New York Times