It is not a good time to be a working stiff.
Median family income is declining and the median net worth of American families has plummeted, thanks largely to the housing debacle. Education debt now exceeds cumulative debt on cars. And on it goes.
While the numbers are already 18 months old, the survey illuminates problems that continue to slow the pace of the economic recovery. The Fed found that middle-class families had sustained the largest percentage losses in both wealth and income during the crisis, limiting their ability and willingness to spend.