Loss of American Wealth

There is much talk recently from a Federal Reserve report that details the significant loss in assets of American families wealth. This comes from the housing bust, lower wages, stock market crash, and having to dip into retirement and savings to make ends meet. Now this is a tragedy of the highest order for the long term health of our economy. The economy needs savings and investments that will help companies form new products and perform research to make lives better. With less capital and the country being poorer it does not help investment and long term growth.

Instead of thinking the government though should step in because they would only tax us more in hidden ways or openly to "recover" the wealth. We need to instead look to become long-term investors and really focus on saving money again to put toward our future, awesome retirement. Setting aside 10% of income a year to savings could put the American family back toward the road of prosperity and recover the lost wealth. We might have a minor setback on our hands but in the end we will rise above as long as we get back into the habit of smart spending and smart saving.