Article By Robert Powell
BOSTON (MarketWatch) -- It's not as if we need another survey to tell us what we already know. Given what's happened to our retirement accounts and home equity, none of us feel as wealthy as we did a year ago -- and that feeling is only backed up by the latest Survey of Consumer Finances.
But economists who pored over the SCF data said the typical American family is much worse off today than it was in 2004, if not before that. The typical (as in median) American family watched its net worth fall to $56,700 this year from $87,300 in 2007, according to the economists who pen the Baseline Scenario, an economics Web site. In 2004, it was $86,000.