OBAMANOMICS IN ACTION: Typical US Household Worth One-Third Less Than Under Bush

by Jim Hoft
July 26, 2014

Another Obama record…
AMERICANS GETTING POORER – HOUSEHOLD NET WORTH IN DECLINE

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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:
http://www.nytimes.com/2014/07/27/business/the-typical-household-now-worth-a-third-less.html?_r=1

Economic inequality in the United States has been receiving a lot of attention. But it’s 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(http://www.russellsage.org/). 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.

(Excerpt)

Read more:
http://www.thegatewaypundit.com/201...usehold-worth-one-third-less-than-under-bush/

Not to worry folks, when Obama completes his redistribution program, only Progressives Marxists anointed by the tyrant will have the finances to live. Everyone else will become a plantation slave.

 

Obama while having a hand in it is hardly the largest reason. The federal reserve and its easy money, asset bubble creating, interest rate setting asses hold the majority of the blame. Then both parties in government for backstopping Freddie and Fannie.

 

Crafty is right. This has been an ongoing problem for years now. The US government, even when there are liberals in charge still has the "trickle down" economics mentality. Save the big businesses, you can save the smaller ones too.

 

So I guess you missed the whole recession and housing bubble meltdown that was in the WAKE of the Bush administration? And how it was slowed down and almost stopped after economic stimulus package passed by Obama, or how it would have bottomed out by now?
In honesty, artificially inflated housing prices do not make for good, stable economic circumstances in the first place, the notion that your property should automatically go up in price when virtually every other consumer good goes down the moment you own it, is a totally self destructive concept in the first place. I expect to see that bubble pop again soon if something isn't done to fix it.
Talk about "entitlements".

 

Whenever progressive leftists talk about inequality, as was the case in Soviet Russia, no matter your education level, skill level, ambition, drive or the lack of all the above. Only the 'elite' prosper and they are an exclusive few. Voting for Obama and preferring Socialism is for the stupid and deluded ner do well's. Not real Americans.

 

This is a classic mistake that Austrian and neoclassical economists make. Hyperinflation alarmist gold bugs really need to watch this video:

http://www.youtube.com/watch?v=IqDkqs_RMis

 

Its called NAFTA, the repeal of Glass-Stegall and the passage of Frank-Dodd that has created this mess. It is not 'trickle down' economics, it is a rigged system for the Multinationals and the IMF.

 

I wasn't talking about hyperinflation, i was talking about artificially low interest rates and how keeping them low made it attractive to borrow above and beyond what one could afford, and when the asset bubble popped in 2008 bye bye wealth on paper as home values plummeted.

 

When you said "easy money" I thought you were talking about quantitative easing.

 

Well that is part of it, but quantitative easing isn't creating hyperinflation because that money isn't having an effect on the velocity of money... Which is at quite a low point right now. QE in my opinion has been creating a stock market bubble as that money has been put there. Its the only explanation for the high stock market on such low and stagnant economic numbers and trading volume. So while the monetary base is at an all time high and has been skyrocketed by the fed as your video showed it isn't circulating around the economy its being held back creating asset bubbles thats why there is no crazy hyperinflation.

 

meh.

nobody cares.

They just want to trash and bash the udder guy.

 

I want to bash both guys... Im an (*)(*)(*)(*)(*)(*)(*) like that.

 

"Real Americans," is that trademarked by the GOP like the brand name "Conservative?"

 

This is a great example of Obama's trickle up poverty!!!!!

 

No. You are either a real American or an Obama voter. No middle ground. Many republicans are progressive leftist, the republican party is the birth place of progressivism. It took the democratic party to make it onerous.

 

Obama's trickle up poverty makes more people more dependent on big government. That is what the controlling idiot wants.

 

https://www.census.gov/newsroom/pdf/cb13-51_wealth_chart.pdf

The dramatic drop in net worth happened when Bush was in office.

 

Sure. But it's also the notion that we have to support big business in order for small businesses to be able to even exist.

 

True. The big business has set it up so that mom and pops can not compete. Pricing schemes and purchase quotas force small businesses to play like big business. We had a great old fashion hardware store in our town, if you needed something for some project you went there and they would have it. Now we only have big box stores that do not have what you need. That is NOT America. And government fills the void left by a once vibrant middle class (Marxist term I reject and prefer entrepreneurial class) that was the backbone of our country. Now we are spineless politically correct dependents.

 

In the end it just comes down to how we think the system needs to be fixed. And in the end we both know that's not going to happen at all.

 

Not until we enact term limits and publicly funded elections to eliminate bought and paid for politicians by big business and other special interests.

(on edit) And we need to repeal the 17th amendment.

 

Asking the corrupt to change their corrupt ways. Hilarious.

 

Not ask, force.

 

Yeah, the US doesn't really have a great history with revolutions. We had what, 2 major revolutions?

 

Unfricking-believable! Who is the fricking moron that taught you history, a fricking Howard Zinn sock puppet who wallows in ignorance and a braindead standard of academic achievement. You can tell who ever that moron is I said that. Take a video camera with you because I want to see his head explode and I will laugh with glee.

We only had one revolution, and it was a grand success. France and Russia had revolutions too but they were failures and both resulted in tyranny and terror and ended in incompetence.