Skip to comments.Obamanomics In Action: Typical Us Household Worth One-Third Less Than Under Bush
Posted on 07/27/2014 4:31:31 AM PDT by 2ndDivisionVet
Another Obama record
AMERICANS GETTING POORER HOUSEHOLD NET WORTH IN DECLINE.
The median household net worth under Obama is one-third what it was during the Bush years.
Under Barack Obama American households are worth two-thirds of what they were worth under George W. Bush.
The New York Times reported:
Economic inequality in the United States has been receiving a lot of attention. But its not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.
The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 94 percent of the population had less wealth and 4 percent had more.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households.
Hat Tip Banafsheh Zand
It should come as no surprise then that Republicans overwhelmingly represent the middle class districts by almost a two-to-one ratio.
This is not a failure for Obama..this is a success! More poor people equals more power for the Democrat party, whose ultimate goal of of a Soviet style police state is becoming within thier grasp before our very eyes.
Try 2/3 less here. I can’t count the number of small business owners that have lost their companies while trying to survive under his poor economic policies.
Yet Democratic pundits and talking heads will not hesitate to tell us what a success the administration has been with economic matters.
An obscene crime against this country- and all for his lil’ revolution
I can't imagine what it would take to turn the situation around. Certainly, hordes swarming our southern border aren't going to help stabilizing and improving the economy for US citizens.
although, I’d be willing to bet the farm that the elites from both parties have seen an increase in their net worth WHILE HOLDING PUBLIC SERVICE JOBS. I never thought I’d say this, but if other countries are stating to look like better places to live.
Labor force participation, or rather the lack thereof has to be a major driving factor. Lack of a high wage job leaves little or no cushion to build savings and wealth. High wage jobs are getting harder to come by, especially for those who are low or semi skilled in construction and manufacturing. Those sectors collapsed or are collapsing under Obama and wages are further being depressed by illegal immigration. Another sector in trouble is leisure and travel since there is less and less disposable income. Look at the crisis in Atlantic City or in the golf industry.
Increased reliance on gubmint programs destroys and depresses wealth. You can’t have wealth and receive a lot of gubmint benefits. To begin to accumulate wealth you have to make the leap back into the job market and give up the bennies. There is a reason why gubmint was called the opiate of the masses. Once you start it is hell to give it up.
I note that the article is careful to start their timeline 10 years ago, glossing over the fact that the trend has persisted and accelerated under the Obama regime.
Oh, and add to that the stagnation of wages combined with Bernanke’s and Yellen’s non-existent inflation that has eaten a hole in the bottom of the middle class lunch bucket.
Once the middle class is destroyed, and make no mistake the government is engineering this, the country will devolve back to a feudal system. There will be the ruling elites who hold all power and wealth, and the serfs who scratch out a meager living. Those who crave power not only must have power and wealth, their real satisfaction comes from seeing others live in misery. That is real power.
Why 2003? I suspect were it from 2005 or 6, the number would be higher over less number of years i.e. house prices were substantially higher in 05-06 then in 03.
And Donahue and his Chamber of Amnesty want to further crush America’s working families by opening the borders for more cheap labor. Any candidate supported by this un-American group should be defeated in November.
I think we should go directly after the Chamber members. They should not be able to hide behind the group. Coke was front and center signing the letter to Congressional leadership.
Coca-cola is Amnesty Cola. Leave it on the shelf.
The next time Obama leaves the country he should be refused re-entry.
Yep, my taxes have gone up as a result of capping or eliminating certain “breaks” I used to get.
Healthcare up 67% due to increases in deductible, co-pay, and premiums.
Food and Energy are higher than ever.
“. .whose ultimate goal of of a Soviet style police state is becoming within their grasp before our very eyes.”
I agree with your statement but for the last part, its a Nazi style police state,
Except with all the modern technological and surveillance advances enabling complete monitoring, tracking and accountability to the state,
Its frightening to imagine how overjoyed Hitler would’ve been with computers, drones and NSA data centers providing intelligence tracking,
And why aren’t the cowering, limp-wristed, gutless POS Repukelicans shouting this fact to everyone? Because they’re cowering, limp-wristed, gutless POS Repukelicans. Absolutely pathetic. This fact only reinforces what everyone with a brain already knows, and they’re still too gutless to state it.
Government corruption is the root of poverty in many countries - and we are now on the same road.
Not defending them, and largely agree with you, but how do you get any facts out when the press is selective about what they report?
That’s the same as with Nazism.
Only the select few at the top could actually accumulate any kind of wealth and that was only because they supported the party.
The masses got by but there was no real wealth accumulated.
This is why I have nothing but contempt for everyone that works in Residential Real Estate. Absolutely nothing in that twisted/controlled industry has changed since before 2007.
I’ve known about the ‘real’ home values for years, but anyone with a dog in the fight always plays it up, talking ‘home prices rising’ (translated: “Return of the bubble”) and ‘home sales up’ (translated: “Foreign buyers of foreclosed properties boosting our commissions”) and parroting government statistical hyperbole to make their point.
My house is in a newer neighborhood, is >17-30% down since 2008, and the level of Rentals & cohabitation has exploded in the area.
Things must be looking up. /s
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