Presidential Race Declining Wealth

June 13, 2012 - 2:46 AM
President Barack Obama speaks at a fundraising reception in Baltimore, Tuesday, June 12, 2012. Democrats and Republicans are wary of trying to exploit a new report about the sharp drop in household wealth over the past 20 years. The economic report was stunning. The Great Recession shrank Americans' wealth so much that, in 2010, median family net worth was no more than it had been in 1992 after adjusting for inflation. According to the Federal Reserve report, two decades of accumulated prosperity had vanished, mainly because of falling home prices. The smartest minds in the Obama and Romney campaigns seem to conclude that the guts of the report are too complex, too old and too tricky to exploit for political ends. So both Obama and challenger Mitt Romney have had little to say about it. (AP Photo/Patrick Semansky)