"Ask yourself – are you better off now than you were four years ago?
But, in fact, you don't need to ask yourself, because the Federal Reserve Board's Survey of Consumer Finances has done it for you. Between 2007 and 2010, Americans' median net worth fell 38.8 percent – or from $126,400 per family to $77,300 per family. Oh, dear."
As the Professor says, read the whole thing.