Report: Recession Claims 40 Percent of Americans' Wealth

Do you have the sudden urge to buy movie tickets to Basic Instinct or Batman Returns or maybe drop a few bucks on a Sir Mix-a-Lot or Boyz II Men album? Blame the economy for shooting you 20 years back in time.

The recession wiped out so much American wealth—40 percent—that families are back to 1992 levels of net worth, according to the Federal Reserve. The Washington Post wrote that over three years, American families’ net worth fell from $126,400 in 2007 to $77,300 in 2010—roughly the same as 1992 levels.

The Federal Reserve only conducts this survey every three years, and the results offer one of the starkest looks at the recession’s effect on American families. The news was bad on almost every front: more families are behind on bills, median debt did not go down, the housing bubble burst hit families’ bottom line with a vengeance.

Does your reality fall into line with the Fed’s findings? Are you feeling 1992-levels of wealth or have things picked up for you recently? Vote in the poll and tell us in the comments.