Depressing news for America, bad news for Obama

This could potentially be one of the biggest precursors to this fall's presidential election. According to the latest survey from the U.S. Federal Reserve, the average net worth of American families has fallen to its lowest level in two decades:

The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992. ...

The median value of Americans’ debt did not change between 2007 and 2010. Meanwhile, the housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010.

The takeaway: “Recovery from the so-called Great Recession has also been particularly slow,” the report concluded.

But don't worry, the private sector is fiiiiiiiiine.