Americans Lost Wealth at a Staggering Rate Over the Last Decade
A new report from the Russell Sage Foundation shows that the median American household has lost more than 1/3 of its wealth in the last ten years. While there’s no question that a great deal of that wealth was lost in the waning months of the Bush administration when the bottom fell out of the economy, we’re looking at six years of failed economic policies that have yet to bring America back.
According to the foundation’s researchers, the median net worth for American households went from $87,992 in 2003 to $56,335 in 2013. That’s a sad state of affairs, and it’s one that clashes with the constant reports of economic growth that come out of the Obama White House. Only those households in the top ten percent of the country have recovered from the wealth-loss of the housing bubble disaster. This is especially rich, given how patently unfriendly this administration has been to America’s richer residents. It seems that not even bad economic policy can keep the rich from taking back what’s theirs.
This comes on the back of another report from the Urban Institute, which claims that 35% of Americans have debt that has gone to collections. In case you’re not sure what that means, this refers to debt that is far enough past the due date that the lender has sent the account to a collections agency. This usually means that the individual in question has received a black mark on their credit report, something that can make it much more difficult to get favorable credit terms.
Problems with the economy are always hard to pin on the president, regardless of who is currently in office or who was in office when things took a turn for the worse. That said, there’s no question that Obama’s failed economic recovery plan shares some of the blame in this instance. Even as the Labor Department crows about new jobs and steady/declining unemployment rates, millions of Americans remain out of work. The administration has had to devise new ways of counting the unemployed, removing from the equation a significant amount of adults who have simply given up trying to find work.
Meanwhile, they use these bogus numbers to praise the president and maneuver ways to increase government spending. This increased spending invariably leads to higher taxes, a burden that has never in a single instance contributed to economic prosperity. This is the way of the left, of course, but it’s been a long time since we’ve seen a mainstream media so willing to report the White House’s numbers without investigation. As long as Obama has the news in his pocket, he’ll be able to spin the numbers every time around.