Feeling poorer lately? You are! A new government report says that $1.3 trillion dollars of American wealth was vaporized in the first quarter of 2009.
Household net worth fell to $50.4 trillion, according to the report by the Federal Reserve. Americans’ stock holdings plunged 5.8% to $5.2 trillion, while their home value dropped 2.4% to $17.9 trillion.
If it makes you feel any better, however, the rate of money zapping is apparently slowing. So there’s that.