Skip to comments.For most families, wealth has vanished
Posted on 06/30/2014 2:57:47 PM PDT by Red in Blue PA
If youre a typical family, youre considerably poorer than you used to be. No wonder the recovery feels like a recession.
A new study published by the Russell Sage foundation helps explain why many families feel like theyre falling behind: They actually are. The study, which measures the average wealth of U.S. households by income level, reveals a startling decline in wealth nationwide. The median household in 2013 had a net worth of just $56,335 -- 43% lower than the median wealth level right before the recession began in 2007, and 36% lower than a decade ago. There are very few signs of significant recovery from the losses in wealth suffered by American families during the Great Recession, the study concludes.
(Excerpt) Read more at finance.yahoo.com ...
The EXEMPT in Congress are richer.
The EXEMPT are not under the Law,
but exist as predators.
The wealth didn’t vanish, it was stolen.
Mission Accomplished Obama!
Not just yet... $56,000 is still way too much... anyone worth that much is obviously not paying their fair share yet.
In Obumbo’s Communist society, only the state has money.
You must accept the life that Dear Leader chooses for you.
You no longer live in “Land of the Free”.
So my understanding from this is that greedy families are “hoarding” $56,000. How unfair. They should be forced to share it with the “less fortunate”. I am disgusted.
Like George Soros, I’m having a very good crisis.
It’s hard to maintain wealth when your job gets off-shored to China.
Restore the import tariffs.
Gotta look on the bright side though. The lower income will reduce my Obamacare penalty.
I've been thinking about "the economy". The economy isn't even most of us. We're a cash crop to be exploited by the elite. The economy is the 25% or even less of the population that still leads a pretty good life. I suspect that even that number is decreasing because of people (example many gov employees) who have enough income potential to be comfortable but are really, really dumb about financial decisions.
but in an article I read, Obama claimed that more people are working, they have more money in their pocket, the debt has been reduced.
Regular savings, CDs and IRA type accounts are relatively useless, because the interest rates are so low they pay almost nothing.
Several years ago, I dropped several CDs because my money market account was paying more than CD renewal rates. Currently that money market is paying 0.06% per month.
About 20 years ago, I took out an IRA. It had a minimum-rate provision of 4% per annum. I chuckled, because regular rates at the time were in the 8% range. Now, that 4% seems massive.
Somebody needs to post that picture of a satisfied Obama surveying a bombed-out landscape and thinking, “My work here is done.”
Between the wife and I we make about 85,000 a year before taxes....
We have not changed one thing in the last four years concerning buying habits... We picked up no additional debt, haven’t changed our 401 K contributions....basically have not changed anything concerning our day to day living expenses.... Oh’ we both a 2 % raise each of the last three years....
I can tell you without a doubt... We are much tighter financially today than ever before....
Insurance, fuel, food, basic goods have skyrocketed in price... We are feeling the pinch...
That would be a start...ending forced free trade with Red China.
That multi trillion trade deficit will have to made up somehow
And yet over this same period I watched a poor immigrant man and his wife get a rusty pickup, a used lawnmower and a weedeater. They and their toddler kid would go from yard to yard.
He’d do most of the work, she’d do a little and they’d keep track of Junior.
He barely wrote any english but he worked.
Over time he bought a better truck, a good truck, he bought better and faster mowers. Soon he had guys working for him .
There is a moral here, the same as my anscestors taught me, work pays. He improved in the middle of this “bad economy”.
Who is John Galt.
Bet you anything he is not paying taxes. To the state, he is a criminal.