Decades of Economic Progress Are Lost, But Look at the Bright Side

The Fed announced today that the average net worth of an American family dropped from more than $126,000 in 2007 to $77,300 in 2010, meaning that nearly two decades worth of wealth accumulation have been completely vaporized in the Great Big Recession Thing of Aught Eight And Ongoing. Is there any good news?

Yes! You don't even want to know what the average black American family's net worth is. Although that's not really "good news" if you're not a white plutocrat. Hmm. What else, let's see... oh, aha: The NYT reports that despite horrible plunging levels of personal wealth and savings and generally atrocious economic prospects across the board, "consumers have continued to spend surprising amounts of money in recent years." Uhhh, good!(?) That's the kind of "can spend" attitude that's long made America the global leader in spending money, whether we will ever have it or not.

Despite European officials throwing $125 billion more on the fire, the Dow dropped 143 points today. Hey guys, let's come back and just try again tomorrow! Okay? *Claps twice.* Okay.

Don't worry: foreigners are buying all of our houses.

So don't worry.(?)

[Photo: Flickr]