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Americans' net worth would have to rise an additional 21 percent just to get back to its pre-recession peak of $65.9 trillion. That illustrates Americans' vast loss of wealth from the worst downturn since the 1930s.
more quotes:
The Federal Reserve said Thursday that net worth rose 1.3 percent in the fourth quarter to $54.2 trillion. It marked the third straight quarter of gains. But economists say consumers would need a stronger and more prolonged increase in their wealth to persuade them to ratchet up spending.
Net worth had risen by a more robust 4.5 percent in the second quarter of 2009 and an even faster 5.5 percent in the third quarter. Net worth is the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards. end quotes.
If this is true then we would need to increase America's net worth by 21 percent to bring back anything like the America we knew before. Obviously, we still have a very long way to go. Also, with Global Climate change making the future like the past is very very unlikely. Whatever it will be it won't be like the past but something completely new and different in most ways.
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