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Middle Class Net Worth Collapses to 1969 Levels
Breibart ^ | December1 , 2012 | John Nolte

Posted on 12/03/2012 12:58:02 PM PST by lbryce

The angle of a just-released New York University study is, of course, that ole' left-wing canard known as "income inequality," but the findings are still useful in drawing other conclusions, and not ones that are very pleasant. Is America now a bigger version of Chicago, where Democrats and the media have so expertly rigged the electoral game that, even as their policies fai,l they're able to stay in power?

According to the study, we are now back to 1969 levels with respect to median net worth in this country. A large part of this is the housing crisis we've yet to recover from, which cost the middle class 18% of its net worth. The news isn't much better with respect to median incomes, which have dropped to $26,364, setting us all the way back to 1999.

And as middle class incomes declined, the debt-load among the middle class has increased "significantly."

In a nutshell: those of us in the middle class earn less, are worth less, and owe more. Meanwhile, during this same period of time, the wealthy increased their wealth by an unbelievable 71%.

Normally, I don't care about the gap between the rich and the rest of us. I'm not rich, and at the age of 46, it's probably safe to say I'll never be rich; but I didn't care because I begrudge no one their success. But that was before…

Before we looted the Treasury and mortgaged the futures of generations to bail out the Too Big To Fails; before we started losing ground while the Bailed Out prospered.

What's especially troubling, though, is that it didn't have to be like this.

(Excerpt) Read more at breitbart.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: obama
Had this strategy of economic Obamageddon been waged against us by any other adversary, surely, it would be acknowledged as an act of war.

It seems it's all going according to plan, this is no fluke, there are innumerable citations to validate the President's Machiavellian fingerprints as the architect for having been dropped economically so many pegs to where we were forty years back, everything all going exactly on schedule with ferociously uncanny, accuracy, precision. Obviously, it was all planned out in meticulous detail. **Had to.** There's no other way for this to happen on such a grand scale unless it was deliberate, wanton, diabolical, driven by hate, relentless hate, loathing to a degree that is pathological, who sees an America as anathema to the world, simply because of its overall benevolence, munificence, keeper of the peace,target of baseless unbridled antagonism, animus by those who have not the wherewithal to escape the 7th Century. It's all America's fault. Had there been no Israel, we certainly would be using the sword of Pan-Arabism as plowshare cultivating, fertilizing the Arab Peninsula into a Islamic Ideal for the world. Education, housing, literacy, social justice, tolerance not the internecine genocide, killing, destruction that would be unimaginable otherwise.

Just let's look at The Annual UN Report on the state of the Arab World. Taking oil out of the equation, not that it doesn't belong to them, but merely to determine the intellectual capacity of the population at large, 2 percent literacy, A GNP of over 120 million people LESS than that of Holland, pedophilia, slavery, the worst of social ills, a county marked not by its economic progress, industrial prowess but by the rate in which their economic reversals have slowed.

So you know what that means for the next four years? Well, neither do I....... (Want to contemplate the repercussions of the one who wants to is in the process of this national evisceration.

1 posted on 12/03/2012 12:58:12 PM PST by lbryce
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To: lbryce

Why our Country is Going Down The Drain

https://www.youtube.com/watch?v=DL-a-r7iJIU


2 posted on 12/03/2012 1:03:18 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: lbryce

Under communism, everyone was equally miserable, except the party elite which had everything they wanted and didn’t have to follow the rules they made for the ordinary slobs.

Same here and now in the USA. Government people take care of themselves and look down their noses at ordinary people. They vote themselves inflation-adjusted benefits while everyone else is miserable.


3 posted on 12/03/2012 1:10:04 PM PST by I want the USA back (Only people with their head up their a$$ vote democrat.)
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To: lbryce
"And as middle class incomes declined, the debt-load among the middle class has increased "significantly."

Debt buys politicians, not liberty.

4 posted on 12/03/2012 1:10:39 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: F15Eagle

Racism is for the simple-minded and hateful. The problem runs deep.

Half our country is living off the other half. That includes oldsters, military retirees (like my daddy—who earned every penny), corporate leeches, welfare parasites, college students, arms merchants, agricultural combines, etc etc etc.

It stops when the system collapses. And I fear that point is closer than we think. Race has nothing to do with it, except in the fantasies of some people.


5 posted on 12/03/2012 1:14:48 PM PST by warchild9 (I have GOT to update my profile!!!)
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To: lbryce

Next year, 1930’s level.


6 posted on 12/03/2012 1:15:38 PM PST by crosshairs (Hurricane Barry is 1000 times more destructive than Hurricane Sandy.)
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To: lbryce

It’s called “Socialism”.

Karl Marx HATED the middle class. He came up with ways to get RID of the middle class.

Trying to use his ideas to help the middle class is like trying to use Hitler’s ideas to help the Jews.

How long is it going to take for middle classers to figure this out?


7 posted on 12/03/2012 1:18:07 PM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: lbryce
Much of the seeming "progress" since 1969 has been merely the price effects of a fiat money inflation of the currency. Von Mises warned that the monetary policies that we have been following destroy the accumulated capital reserves of a people.

Obama represents the epitome'--the acceleration--of every stupid thing any of his predecessors have done. The man is absolutely at war with the American Middle Class, despite his protestations. And the ultimate insult is when he announces that it is his policy to rebuild the middle-class.

By the very nature of a middle-class society, the middle-class arises by reason of the private efforts of personally responsible, self-motivated individuals; those building from the ground up. All a meddlesome Government can do is get in the way. Our greatest real growth was from 1789 to 1913, before we had redistributive tax policies, and our Government was basically limited to the framers' intent. (See America--Grounded On Experience & Reason.)

William Flax

8 posted on 12/03/2012 1:18:57 PM PST by Ohioan
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To: Tzimisce
You are right. Let me point out something more. Hitler's selection of the Jews as a scapegoat for other people's economic woes, was taken right from Karl Marx who blamed Capitalism on a Jewish mindset, and speculated on a "World Without Jews."

One of the most outrageous lies of the far Left is that the Nazis were on the Right. They were never to the Right of anyone but the actual Communists. But the lie has kept a great many people ideologically confused since World War II.

Incidentally, Obama's penchant for packing huge crowds, chanting in unison, into stadiums, in 2008, is a technique best perfected by the Nazis. It gives an aura of invincible force to those being mesmerized in attendance; invincible force in the pursuit of a monolithic society. People who believe that the demagogue is confused, need to look more closely at his tactics, Executive Orders, etc., etc..

William Flax

9 posted on 12/03/2012 1:29:46 PM PST by Ohioan
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To: lbryce
Oh, how surprising. Look around 1969 on these:

Total wages as a share of GDP, which has fallen to a new low. However, corporate profits are at record highs after taxes!


10 posted on 12/03/2012 1:34:24 PM PST by Theoria (Romney is a Pyrrhic victory.)
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To: lbryce

“...I begrudge no one their success. But that was before…

Before we looted the Treasury and mortgaged the futures of generations to bail out the Too Big To Fails...”

A few years ago I did a job on a large property on expensive waterfront. Tearing down a 20-year old 5,000 sq. ft. home to put in a house 4 times as big. Neat place and enjoyed working there. Until I found out the new owner was some big-shot from a failed bank, that was just hired by another investment firm that had gotten a bunch of TARP funds. Then deals were made between two other banks to arrange for financing as part of the move, with the downpayment paid by his new firm.

The guy ended up with a $900 a month mortgage. With MY (and my kids and grandkids) tax money.


11 posted on 12/03/2012 1:47:23 PM PST by 21twelve (So I [God] gave them over to their stubborn hearts to follow their own devices. Psalm 81:12)
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To: warchild9
Half our country is living off the other half.

Actually, 1% of our country is living off the other 99%.

12 posted on 12/03/2012 1:51:48 PM PST by ksen
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To: 21twelve
A few years ago I did a job on a large property on expensive waterfront. Tearing down a 20-year old 5,000 sq. ft. home to put in a house 4 times as big. Neat place and enjoyed working there. Until I found out the new owner was some big-shot from a failed bank, that was just hired by another investment firm that had gotten a bunch of TARP funds. Then deals were made between two other banks to arrange for financing as part of the move, with the downpayment paid by his new firm.

The guy ended up with a $900 a month mortgage. With MY (and my kids and grandkids) tax money.

Obviously that guy worked a lot harder than you, your kids and your grandkids. Only a red-card carrying communist would think otherwise.

Stop being a taker 21twelve!!!

13 posted on 12/03/2012 1:55:32 PM PST by ksen
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To: ksen

Damn them!

What happened to the other 16.3%?

/That’s a joke for you credible types.


14 posted on 12/03/2012 1:55:50 PM PST by warchild9 (I have GOT to update my profile!!!)
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To: Tzimisce
Yes, all good commies hate the running dog lackies of the bourgeoisie. From the Wikipedia

Bourgeoisie (Eng.: /bʊərʒwɑːˈziː/; French pronunciation: ​[buʁʒwazi]) is a word from the French language, used in the fields of political economy, political philosophy, sociology, and history, which originally denoted the wealthy stratum of the middle class that originated during the latter part of the Middle Ages (AD 500–1500)

In Marxist philosophy, the term “bourgeoisie” denotes the social class who owns the means of production, and whose societal concerns are the value of property and the preservation of capital, in order to ensure the perdurance of their economic supremacy in society.[3] In contemporary social theory the term bourgeoisie denotes the ruling class of capitalist societies.

Free course management software for homeschoolers and educators. Beta testers wanted, Free.

15 posted on 12/03/2012 1:55:58 PM PST by Mycroft Holmes (<= Mash name for HTML Xampp PHP C JavaScript primer. Programming for everyone.)
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To: 21twelve
Well...there's another way to look at it...your wage was paid by TARP as well.

So you got your tax money back and then some.

16 posted on 12/03/2012 2:12:29 PM PST by what's up
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To: Mycroft Holmes

“Bourgeoisie” (like most of the words in the Communist Manifesto) has no definition. It means whatever the Communist you happen to be talking too at the time says it means.

Loosely “Bourgeoisie” is defined by Marx as the “middle class” (but not really).

Have you noticed that a lot of most ardent supporters of Communism could be considered “Bourgeoisie”? College professors, middle level actors, Union workers, etc.

The fact that “Bourgeoisie” has no definition lets these people deny that they are hypocrites.

I suppose a good little Communist would argue that all the people I mentioned own no means of production.

I would respond by reminding them that the Communist Manifesto calls for the abolition of ALL private property (but not really Marx and Engels would keep their stuff)....


17 posted on 12/03/2012 2:17:11 PM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: lbryce
Follow the Blue Lines:








18 posted on 12/03/2012 2:24:42 PM PST by khelus
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To: Tzimisce
Have you noticed that a lot of most ardent supporters of Communism could be considered “Bourgeoisie”? College professors, middle level actors, Union workers, etc.
Chow for paragraph eater.

Yes, and they will be first against the wall when the revolution proceeds. It won't be enough though...

19 posted on 12/03/2012 2:43:03 PM PST by Mycroft Holmes (<= Mash name for HTML Xampp PHP C JavaScript primer. Programming for everyone.)
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To: warchild9

I’m sure your post made sense to you


20 posted on 12/03/2012 3:02:08 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: lbryce

lib-tard: but... but... but... the democrats have been in charge since jan 2007... and they’re supposed to want to help the little guy?!

conservative: of course they’re trying to the little guy... help guy into a situation where he must vote for govt assistance and social programs... you know... for democrats


21 posted on 12/03/2012 3:16:11 PM PST by sten (fighting tyranny never goes out of style)
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To: ksen; 21twelve

“Obviously that guy worked a lot harder than you, your kids and your grandkids. Only a red-card carrying communist would think otherwise.

Stop being a taker 21twelve!!!”

Hopefully ksen is being ironic rather than serious. The assumption that an executive of a failed TARP bailed-out bank “worked harder than” 21twelve and therefore earned his loot is unwarranted. A financial system which gives privileged TBTF institutions get-out-of-bankruptcy-free cards when their reckless managers bet the farm and lose is ALREADY “red”. This “when our bet pays off, the profits are ours; when our bet turns up snake-eyes we socialize the loss to the peons” system is communism for the well-connected. Such robbery by the TBTF bankster nomenklatura is called “hardly working”, not “working harder”, and is as reprehensible as any Red Soviet commissar’s racket.


22 posted on 12/03/2012 3:27:37 PM PST by Blue_Ridge_Mtn_Geek
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To: Blue_Ridge_Mtn_Geek

Yes, I was being sarcastic in that post. It disturbs me that barring direct stories like this a large swath of FReepers do argue the way I just did but unironically.

Example #1: The whole takers/makers meme.


23 posted on 12/03/2012 3:46:21 PM PST by ksen
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To: sten

Median income $26,364? Is this a typo? You’d have a very hard time making a go of it alone with that even here, with a cost of living that is comparatively low. What’s that, around $12.50 an hour or so?


24 posted on 12/03/2012 3:47:45 PM PST by RegulatorCountry
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To: ksen; warchild9; 21twelve

“Half our country is living off the other half.

Actually, 1% of our country is living off the other 99%.
12 posted on Monday, December 03, 2012 4:51:48 PM by ksen”

“Yes, I was being sarcastic in that post. It disturbs me that barring direct stories like this a large swath of FReepers do argue the way I just did but unironically.

Example #1: The whole takers/makers meme.”

Are you being sarcastic about the “1% vs the other 99%” too? Because that’s equally ludicrous. It’s true that a certain part of “the 1%” belongs in the “taker” category, but they make their way in the world by cultivating an ever larger audience of less ambitious “takers” who will settle for voting as instructed in return for crumbs from the tables of the “well-connected”. One wing of these ‘crony capitalists’ got together recently to compare notes and plan the next cycle of looting: http://freebeacon.com/see-no-evil/


25 posted on 12/03/2012 4:21:11 PM PST by Blue_Ridge_Mtn_Geek
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To: lbryce

No, no, no, no - times are great. That’s why Obama won a second term.


26 posted on 12/03/2012 4:34:12 PM PST by Jack Hammer
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To: F15Eagle

Sorry, I’ll try to keep my words simpler.


27 posted on 12/03/2012 4:40:55 PM PST by warchild9 (I have GOT to update my profile!!!)
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To: Blue_Ridge_Mtn_Geek

Ow! You’re even more cynical about the upper class than I am!

I’ve known a bunch, from my days working in Big Pharma, and they’re worse scum than you can imagine. Deal with multi-million dollar suits for a few hours (especially the lawyers), and you’ll feel like you need a shower.


28 posted on 12/03/2012 4:43:52 PM PST by warchild9 (I have GOT to update my profile!!!)
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To: warchild9
Maybe this is what you were looking for since you went down that road? That's where you went off the rails.


29 posted on 12/03/2012 4:44:37 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: what's up
Good point!

I have a friend that is in the same business as I am, and was just bemoaning that the last job he worked on just added to the National Debt, and seriously wished he hadn't done it.

I WILL work on government jobs, but somewhat feel the same way. Although I like to think that by charging lower rates and doing a better job than my competitors - I'm saving the government money. My one main government client has laid off LOTS of people and my work for them has pretty much dried up. People say “oh - that's too bad” (for me). But I tell them “Yeah. But I'm glad that the government is FINALLY seeing that they need to cut back too.”

But it is a bit of a conundrum when having a conservative view point, but then doing work for the government. Or for government mandated work.

30 posted on 12/03/2012 4:56:23 PM PST by 21twelve (So I [God] gave them over to their stubborn hearts to follow their own devices. Psalm 81:12)
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To: warchild9

I recently moved on (”Forward!”) from 30+ years in finance, last 23 of which was in a line whose customers are lenders of and investors in real-estate-backed loans. There were some who gave you that “need a bath”/”hold-on-to-your-wallet” sensation to be sure, but many others who were in it for the long haul and truly appalled at what the banksters pulled off in the decade leading up to the latest housing bust.

Bill Black, an expert in sniffing out and prosecuting loan fraud, has their number: http://en.wikipedia.org/wiki/William_K._Black - http://www.youtube.com/watch?v=N_AuvLTJNh0 - http://www.youtube.com/watch?v=m9HKKyNPe4k -


31 posted on 12/03/2012 5:00:55 PM PST by Blue_Ridge_Mtn_Geek
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To: Blue_Ridge_Mtn_Geek; ksen; warchild9

“crony capitalists”

That was a great way for Palin to put it. On one hand I am very pro business. Even big business. And yes, even banks. But it is/was hard to justify that when they get bailed out, get one-sided tax breaks, etc. Then it really isn’t capitalism anymore.


32 posted on 12/03/2012 5:03:00 PM PST by 21twelve (So I [God] gave them over to their stubborn hearts to follow their own devices. Psalm 81:12)
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To: F15Eagle; warchild9

Maxed out - -

http://www.thedailyshow.com/watch/thu-august-5-2010/race-card-is-maxed-out -


33 posted on 12/03/2012 5:05:03 PM PST by Blue_Ridge_Mtn_Geek
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To: Blue_Ridge_Mtn_Geek

Yeah I thought so, too.

Then I posted on the thread.


34 posted on 12/03/2012 5:07:22 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: 21twelve

welcome to the dark side 21twelve. As an old friend of mine on this site used to say, “Come on in, we’re all on the cool side of the lake of fire.”


35 posted on 12/03/2012 7:16:53 PM PST by ksen
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To: lbryce

36 posted on 12/03/2012 9:55:40 PM PST by 2ndDivisionVet (I'll raise $2million for Sarah Palin's presidential run. What'll you do?)
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To: F15Eagle

I catch the joke. And the implication. I can’t tolerate racism, regardless.


37 posted on 12/04/2012 8:00:55 PM PST by warchild9
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To: warchild9

Well, point out the racism, then.

Or are you channeling Al Sharpton or Jesse Jackson?

Your #5 took off on racism for some inexplicable reason.


38 posted on 12/04/2012 8:02:31 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: F15Eagle

The featured parasite in the video was black. White trash would have served the rhetoric better.


39 posted on 12/04/2012 8:06:53 PM PST by warchild9
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To: warchild9

“White trash” — you sound like a racist.

For your information, I was viewing videos on RFID and that video was in the column.

I was watching it in a separate tab while going back and forth with FR. So I posted the video on the thread as indicative of some of the problems with the country.

But you can read minds, so it’s all about color of skin, eh? Wow.

Oh, so your problem is the characters in the video?

You may have noticed some of us don’t care for Obama.

Would you like to make a similar charge of “racism” there?

Chris Matthews would be very thrilled, no dbout.


40 posted on 12/04/2012 8:11:03 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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ha typo

s/b “no doubt”


41 posted on 12/04/2012 8:12:45 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: Blue_Ridge_Mtn_Geek

In our home, we refer to real estate types as “Bruno,” as a salute to the Mafia that rules that industry in the NYC area. During my years up in the City, I got to know them fairly well through marriage and my wife’s professional sojourn through the trucking/construction business. Ouch!


42 posted on 12/04/2012 8:13:43 PM PST by warchild9
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To: F15Eagle

Too much racism, implicit or otherwise is present on this forum. It’s a sign of weak thinking and irks me.

A recent example: someone referred to the Black Messiah as “President Bluegums.” None of the other posters called him on it, and the moderator on duty was oblivious. The sucker should have gotten the banhammer big time, according to forum rules. We’ve lost a lot of intelligent Freepers of all colors over the years because of this sort of thing, leaving us with a drooling pile of doddering fools, to be sure.

Present company excepted. And your post excepted. My apologies.

However, I don’t make any apologies for being sensitive...and be careful making accusations you obviously can’t back up with cleverness. Tea Party-level clichees are no substitute for wit. Brah.


43 posted on 12/04/2012 8:24:02 PM PST by warchild9
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To: warchild9; Admin Moderator; Jim Robinson

“Present company excepted. And your post excepted. My apologies.”

I’ll accept your apologies if you’re sincere.

“and be careful making accusations you obviously can’t back up with cleverness”

I’m not the one who started making accusations here, pal.

So next time, be certain you’ve got something to back it up.


44 posted on 12/04/2012 8:26:27 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: Admin Moderator

Seems like the thing to do would be to delete all of his posts and my posts on the thread so it doesn’t become a tool for the leftists, in their twisted ways.

Dunno. Whatever you guys think is best.


45 posted on 12/04/2012 8:33:22 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: ksen

Actually 50% is living off 1%. DH and I qualify as “rich” by Obamas standard. Doesn’t feel like it. We have put 3 kids through private school and 2 are now in private college. We have taken $ from no one except merit scholarships for the kids. We pay over 100k per year in state and federal tax (and we are not that far above the drawing line for the rich. All my cars have over 80k miles and none are Mercedes or Lexus or bmws. I could sure put the money the government extorts from me to good use.

To do this we work 14 hour days, holidays, weekends and nights. Would you please tell me whom I am living off? I don’t take $ from anyone but I sure would like to shed my share of freeloaders who live off of me


46 posted on 12/04/2012 8:36:29 PM PST by Mom MD (T he country needs Obamacare like Nancy Pelosi needs a Halloween mask)
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To: Mom MD
DH and I qualify as “rich” by Obamas standard. Doesn’t feel like it. We have put 3 kids through private school and 2 are now in private college. We have taken $ from no one except merit scholarships for the kids. We pay over 100k per year in state and federal tax (and we are not that far above the drawing line for the rich.

If you pay over $100k in taxes a year then you qualify as rich by any non-insane standard. Somehow I think your problem of keeping kids in private schools and colleges is magnitudes different from the parents just trying to keep their kids fed and having an occasional trip to the doctor's office.

You've taken money from no one? Highly doubtful.

47 posted on 12/04/2012 10:37:57 PM PST by ksen
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To: ksen

Private sector people earn money through voluntary exchanges

Public seector people are the ones who TAKE money from their victims involuntarily (theft)

Is that a simple enough concept?

Guess who seems like the bad guys to me?


48 posted on 12/04/2012 10:41:14 PM PST by GeronL (http://asspos.blogspot.com)
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To: GeronL
Public seector people are the ones who TAKE money from their victims involuntarily (theft)

Is that a simple enough concept?

Guess who seems like the bad guys to me?

Sure is, in GeronL's world soldiers, police, and firefighters a part of the Taker class. gg

49 posted on 12/05/2012 4:49:26 AM PST by ksen
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To: ksen

They are part of the public sector workforce.


50 posted on 12/05/2012 2:16:46 PM PST by GeronL (http://asspos.blogspot.com)
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