The Federal Reserve reported that in the period of 2007-2010, the net worth of Americans dropped 40%. Yeowch.
There is a political angle to this story, and trust Fox News to turn it into that. In an interview with Mitt Romney, the perky trio of Fox and Friends took it to Mitt Romney (who for some reason never appears on any other networks’ morning show. Why is that?):
It was a jaw-dropping statistic that was flashed across the country yesterday, the Federal Reserve has figured out that over the last three years the net worth of the average American family has fallen 40% over three years, wiped out two decades worth of America’s wealth, mainly because house values have dropped. When you saw that number, that American debt, or American wealth down 40% in three years what did you think?
Of course he thinks it’s horrible and tragic and of course he blames it all on Barack Obama… except for the fact that the report is for the fiscal years 2007 through 2010, not the “last three years,” and Barack Obama was not president for the first two years of the report. But that didn’t stop neither Fox News nor Mr. Romney for blaming the collapse of the middle class under George W. Bush on him.