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Title: Fed: Americans’ wealth dropped 40 percent under Obama
Source:
Washington Post
URL Source: http://www.washingtonpost.com/busin ... 12/06/11/gJQAlIsCVV_story.html
Published: Jun 11, 2012
Author: Ylan Q. Mui
Post Date: 2012-06-11 16:09:38 by A K A Stone
Keywords: None
Views: 10186
Comments: 39
The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes. The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992. The Fed’s data underscore the depth of the wounds of the Great Recession and how far many families remain from healing. The median value of Americans’ debt did not change between 2007 and 2010. Meanwhile, the housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010. The survey is conducted every three years, and this report offers one of the most exhaustive looks to date at the greatest economic upheaval in a generation. Although there have been some signs that the recovery has picked up steam — housing prices have begun to stabilize and unemployment has fallen — Fed economists said those improvements largely do not change the survey results. “Recovery from the so-called Great Recession has also been particularly slow,” the Fed said in its report.
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Begin Trace Mode for Comment # 32.
#4. To: A K A Stone (#0)
(Edited)
Barack Obama was not POTUS in 2007 and 2008. Maybe your thread deserves a thread about AKA Stone and lying?
That must mean he hasn't been responsible for 2009 through 2012, right? /s
It's a three year survey beginning in 2007. Come back when you're worthy...
So he owns none of it. Correct?
He owns the part that stopped it in mid-air while falling down the cliff that Bush pushed it over.
So you have been for the bank bail outs and quantitative easing. Is that right?
Why wouldn't I be? *Bailouts* were more efficient than essentially scrapping the entire banking system and QE has kept the credit markets moving. What was your solution?
There's another problem with your *uhummm* thesis. It was GWB who instituted TARP, it was Obama who carried it out.
So you now understand that the $1trl deficit and the debt that it incurred were INHERITED. The truth shall set you free even if it takes a while for yo to get there.
That is blatantly false as any newspaper in the country as well as the CBO has said and shown. blog.heritage.org/2011/07...get-deficits-in-pictures/ Snip: One simple number explains it well: the budget deficit figure in 2007, the last Bush year prior to the recession. The tax cuts were in full effect, both wars were raging, and the recession had not yet struck, yet the budget deficit in 2007 was $160 billion, or about a tenth of Obama’s deficit this year. Then there’s the President’s stimulus spending binge, which made matters worse. The policy was rooted in the false premise—recited by The New York Times—that government spending can propel the economy out of a recession. Well, it hasn’t. The economy is stuck in slow, and the hundreds of billions of stimulus dollars have only added to today’s debt and deficits. So much for the past. Looking forward, America’s fiscal woes aren’t due to wars, recessions, or tax cuts. As Brian Riedl explained, the root of America’s fiscal woes is entitlement spending:
Then there’s the President’s stimulus spending binge, which made matters worse. The policy was rooted in the false premise—recited by The New York Times—that government spending can propel the economy out of a recession. Well, it hasn’t. The economy is stuck in slow, and the hundreds of billions of stimulus dollars have only added to today’s debt and deficits. So much for the past. Looking forward, America’s fiscal woes aren’t due to wars, recessions, or tax cuts. As Brian Riedl explained, the root of America’s fiscal woes is entitlement spending: Add to the equation 0buma's sabotage of oil and coal industries, insane regulations, extortion, harassment of American business big & small (Gibson Guitar, cough) and nearly EVERY industry EXCEPT the solar industry (hack). Wall St. Commie-Capitalist (*snicker*) , War, swore the $800 billion "stimulus" was "necessary"; CHYEAH - it WUZ to 0buma's favorite election-time supporters and the fraud he and his administration are (in)famous for. The US Taxpayer got SCREWED ROYALLY. By the Thief-in-Chief. All Commie 0buma has done is dug a an economic crater in order to help destroy the capitalist system he so despises AND the American middle class. He's wreaked havoc in a thousand and one other areas of world & American life (justice, security, sovereignty, integrity-of-office, respect FOR America, prestige, OPTIMISM) that supporting 0buma is like supporting and celebrating DEATH and RAPE.
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#5. To: war (#4)
#6. To: SJN (#5)
#7. To: war (#6)
#8. To: SJN (#7)
#9. To: war (#8)
#11. To: SJN (#9)
So you have been for the bank bail outs and quantitative easing. Is that right?
#14. To: war (#11)
#17. To: SJN (#14)
(Edited)
There's another problem with your *uhummm* thesis. It was GWB who instituted TARP, it was Obama who carried it out.
#21. To: war (#17)
$1trl deficit and the debt that it incurred were INHERITED.
#32. To: SJN, war (#21)
(Edited)
Snip: One simple number explains it well: the budget deficit figure in 2007, the last Bush year prior to the recession. The tax cuts were in full effect, both wars were raging, and the recession had not yet struck, yet the budget deficit in 2007 was $160 billion, or about a tenth of Obama’s deficit this year.
Replies to Comment # 32.
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