Americans Lost Wealth at a Staggering Rate Over the Last Decade

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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.

38 Comments
  1. Mark Clemens says

    “Problems with the economy are always hard to pin on a President regardless who’s in office”
    This is BS! All you have to do is study American Economics. What we are witnessing is a GLOBAL REDISTRIBUTION of AMERICA WEALTH.
    JOBS=MONEY=WEALTH Were the JOBS go the other always follow. The question you need to ask your self “What happened to the jobs & why. We still buy stuff, so what happened to the factories, and why.
    The factories moved overseas Because its more profitable to manufacture over seas (an AMERICAN gets $7.50+ hr.plus SSI . A Chinese worker gets $1 or less a hour no SSI).
    The president RESPONSIBLE for setting this in motion was Bill Clinton. In 1993 he signed USA up for NAFTA, in 1999 he signed USA up in the World Trade Organization (WTO) a UN Trade idea. BETWEEN the two treaties we gave up TARIFFS to 29 countries. Also Former President Clinton gave the Panama Canal to the Panamanians. All this tariff loss was a BIG REVENUE loss to the treasury. Just imagine how aggressive Hillary will be on reducing more tariffs.
    Former President G.W.Bush did nothing to stop this. Actually the Republican & Tea Parties are all for this………. Why? Citizens United?
    In 2009 BIG AUTO was on its way to Mexico and China. Obama and Congress passed a 42% auto tariff ( this government showed they knew how to stop the jobs exodus, but quit w/auto industry)
    If we want our old jobs & money back we need to make manufacturing over seas UNPROFITABLE.
    Look throughout the American Economic Experience. Every time the government drastically reduces tariffs economic pandemonium breaks loose. After Former President Wilson adopted a federal income tax, he reduced tariffs at the end of his term. About 8-10 years latter the Great Depression sets in. Clinton did the WTO treaty on his way out. If it failed it would look like the next Presidents fault. We had such a big economy it took six years to show its face. Who does Obama blame for poor economy? G.W.Bush, this is a half truth. All W. had to do was drop out of NAFTA, WTO and raise tariffs. All Obama and Congress has to do is drop out of these disastrous trade treaties. Instead they entered the Pan Pacific Asian Treaty. This will send our entire tennis shoe industry to VET NAM!!!! What was my Dad fighting for over there? They went COMMIE and now our government is going to hand a good size portion of our economy over there to them!!!
    They tell us Russia’s Communisium fell because it lacked capitalism. If lack of capitalism kills communism, why are we sending our economy to COMMUNIST CHINA?
    If you can’t defeat your enemy on the field of battle, defeat them on the field of economists. The result will be the same, with out all the Blood Shed. So how much do we owe COMMUNIST CHINA??????
    Think about it people! !!!!!!!

    1. Poorgovnworker says

      Not only did our government hit us with these trade agreements they then decided to make up for the loss of revenue from them by upping our taxes. Higher taxes mean faster job losses to other countries. That did not completely destroy businesses so now they will finish them off with forcing higher minimum wages and mandatory health policies.

      1. Mark Clemens says

        Big Biz is behind all of this. They buy & sell politicians, like the political whores they are. If you think about it our Congress does more for the Chinese than their constituents.
        Ever play Chess? Notice how the bigger pieces hide behind the smaller ones. That’s exactly what BIG BIZ is doing. They hide behind small businesses to accomplish their agenda.

        1. Tasine says

          Big Biz may be behind all of this, but it takes a shoddy government filled with shoddy elected officials to make it happen. It is government who is supposed to work for us -NOT BIG BIZ. Government could stop all the crap that is going on in one session of Congress – IF THEY CHOSE TO.

          1. Mark Clemens says

            One DAY if truth, honestly, and the notion would strikes at once. Thats what we need, we also need STATESMEN (when was the last time either of the 3 parties mention this) instead of POLITICIANS in Washington DC. ALL of the founders warned us about morally challenged (Slimy,no count, self-serving ) politicians being elected to office. They may of underestimated the power of stupid voters, but the damn well knew about SLIMY POLITICIANS. I say if you haven’t had your primary yet, PLEASE VOTE for the candidate with the SMALLEST CAMPAIGN TREASURY CHEST. He/She owes the least favors. Small campaign treasurys should be the NEW STANDARD for the American Voter…….

          2. Tasine says

            I love your line: Vote for the candidate with the SMALLEST CAMPAIGN TREASURY CHEST. (He/She owes the least favors.) If you don’t mind, I think I’ll send that line to all my friends and family members.

          3. Mark Clemens says

            Please tell everyone. That needs to be the NEW POLITICAL CURRENCY. Less money means less corruption. Less is More.
            They want us to learn to forget.

      2. dogonahog48 says

        Follow the Money”

        1. Mark Clemens says

          It goes from your bossmans check, through your fingers to buy goods, then the manufacturer bribes your congressmen.
          The rest goes to pay Chinese work force. The politicians expect Wal Mart & McDonald’s to pull the whole economy. Thats why their starting to organize Fast Food Unions (I never thought I’d see this day). Because most of the Fast Food industry are the layed off factory workers. Surly y’all didnt think a bunch of high school kids would of come up w/Unionization!!!!?????

          1. dogonahog48 says

            In the southwest most employee of McDonald’s is Mexicans. Supervisors down. Here they advertise 9 bucks an hour. Not hardly a living wage. As with 7-11 kicks in 11 bucks for key people. but do pay overtime. No dice with McDonald and their 30 hour work week in one store franchise the 30 hours in the next franchise.

          2. Mark Clemens says

            Isn’t the SouthWest prominently Hispanic? I’m asking, thats just what I herd. I had a friend who worked there (McDonalds). She told me they wanted employees to “Share” stuff like food,toothpaste, rent.Just pay your employees a living wage!! I stopped eating fast food period, because they exploit their workers. I also try to buy 100% American Made Products. I’d rather pay a little more and keep an AMERICAN FAMILY out of poverty. Since I quit w/fast food chains, I was surprised at how many Mom & Pop diners (lunch meat & 3) were here in Nashville. We also have excellent dinner restaurants too…….

      3. dogonahog48 says

        Both side support the “Sucking Sound” democrats and republicans.

    2. Cranky Steven says

      Communism is alive and well and on the march across America. Let us bow our heads and thank both partys for this state of affairs.

      1. Mark Clemens says

        Like a snake in the grass. We need to cut it’s head off & send the rest back were it came from. To me the queer thing here is Communism was suppose to be a alternative to Monarchys and Dictatorships. Not a free republic, read the book (Communist Manifesto).
        May I add over the past 30yrs our government has held true in it’s advice. Actually all the Manifesto does is tell you how to BANKRUPT a nation for civil unrest, so the citizens will overthrow the Monarch. In the History of Communism, has it been as successful as a free republic, but I reckon the Bushes,Clintons, and Obamas will show the world how its done; at our expense of course.

        1. Cranky Steven says

          Mark, you are spot on. Marx and Lenin should be required reading so our children (and the current crop of “adults”) can see how they are being and going to be sodomized. Off topic, Mark, but I want to let you know that Canadian researchers have announced that Ebola is air-borne. It can be transmitted that way quit easily through proximity beside saliva, blood etc. It seems the Canadians, quite wisely, didn’t fall for our government’s “research” and did their own. You should not take my word for this but do your own search. I have no clue how to prepare for a massive outbreak but if I wanted to facilitate one I would start with an open border.

          1. Mark Clemens says

            Yea, I herd on the news that two American victims were being transported to CDC in Atlanta. What are they thinking? Don’t get me wrong i feel bad for the people infected with this. Why bring it to our shores? Don’t they know Atlanta airport is a major hub? One undetected person leaves the CDC w/out symptoms showing and boards a jet……
            We’ve all seen that movie.

          2. Cranky Steven says

            Mark, Jeez! I hadn’t thought of that! Thanks for helping me sleep better. I predict we are in for major problems with multiple outbreaks of more diseases than just Ebola, although Ebola would be quite enough. We cannot handle this sort of disaster but our government doesn’t seem to care. Could this be deliberate ? I don’t know. I am soon moving to a remote location with a 200 yard clear field of fire. Extreme. Sure it is. So is dying while blood oozes from every orifice.

          3. Mark Clemens says

            We gotta do our part to keep up w/these 3rd world countries (Liberia might be 5Th world)
            It’s not just about poverty. Suffering and Misery have more than poverty to offer. Right now our government is getting our toes in the water. Unfortunately the Gator will have us in a death roll, before they realize these waters are hazardous. …….

          4. Mark Clemens says

            This is one of the worst case of stupid since OJ Strong-armed those sports collectors and took his musty Tshirt and dusty trophy, after being acquitted for Murder One……

          5. Cranky Steven says

            Mark, LOL, so true! Now he is a musty ol’ man awaiting Big Ed to come and pleasure himself with the former footballer. Serves him right.

    3. James Vanhoosier says

      Clinton should have vetoed NAFTA and let the Republicans that sent it to him cry. Look and see who in congress voted for NAFTA. Other wise you are right, he should have never signed it into law.

    4. dogonahog48 says

      Al though I Marked the Romney block on the ballot I was voting aginst Teh Half Breed Kenyan. Romney was a preportrator of the Sucking Sound” One of the greatest sources behind unemployment, A leader of The “Monkey see, Monkey do” Republicans. All you have to do is look at his home state to see where his loyalties lie. If the republicans want to loose in 2016 just bring another “Monkey see , Monkey do” Republican to the fore front and we will loose again. The average Working American tax payer is tire of the two faced bull shit.

    5. Karen Gaddy says

      I believe it was another demoncrap president, jimmy carter, (who never met a communist or dictator he didn’t like) who gave away the Panama Canal.

  2. Linda Lee says

    Bad Policies, tons more regulations by this president and the EPA , stupid moves like multimillions for failing green energy companies (there were at least two who got the money and then died) . Those are just some of the things I blame on you know how.

  3. dogonahog48 says

    All this was accelerated by the “Sucking sound” We were warned about the “Sucking Sound” in 1992.

    http://www.youtube.com/watch%3Fv%3DRkgx1C_S6ls Vote in November. Vote against any incumbent regardless of what party. The incumbents are the fault. PERIOD! Yea we will through out the baby with the bath water but what does it take to make a baby. At the abortion rate shouldn’t be hard to replace the baby.

    1. Mark Clemens says

      That’s right don’t let POLITICAL PREJUDICE stand between you & whats right. Just like at your job. If you suck at it your boss fires you and finds someone to take your place. If they suck the ax falls, and the boss starts looking again…….
      Its really a simple process. In case anybody reading this dont know. In GOVERNMENT YOUR THE BOSS, The POLITICIANS are the WORKERS.
      They are performing UNSATISFACTORY (That means they SUCK). So grab a ballot and do YOUR JOB…………FIRE THEM ALL With out hesitation or mercy!!!!!!!

      1. Cranky Steven says

        Mark, right on!

      2. dogonahog48 says

        I will stick with Inholf this time althought I don’t trust him only because tof trying trying get the senate out of the Hands muslim sympathizers.. Wish the Young Democrat was running against Lankford. Lankford wont rock the financial boat at all cost. With him you need to “Follow The Money”.

        1. Mark Clemens says

          If you keep voting for incumbents, they will keep thinking their doing a good job.

        2. Mark Clemens says

          In our primary I’m gonna vote for Joe Carr over Lamar. I’d hate for Senator Alexander think he was doing a good job.
          The main reason I’m voting against Lamar is because he put my Second Amendment right on the line (actually in JEOPARDY) when he voted for closer on all those fire arms restrictions Senator Feinstein wanted. So he didnt try to PROTECT or PRESERVE the Constitution. Nor has he looked out for Tennesseans best interests. If Carr looses primary, I’ll vote for the democratic candidate. Hell Lamar voted like one anyway!!!!

        3. Mark Clemens says

          I read a bumper sticker that kind of reflects this election cycle:
          When choosing between two evils,
          Always pick the one you’ve never done……

    2. James Vanhoosier says

      I voted for Ross,he was my underdog hero.

      1. Mark Clemens says

        Pero? The Texas oil tycoon?

        1. James Vanhoosier says

          Ross warned about the sucking sound of jobs going south.The Mexicans could not do the job done at the right price,so every one went East. The Republican said years ago that our standard of living was to high,and they would love to see us be a third world country. The majority vote in congress for NAFTA was Republican . Clinton should have vetoed the bill.

  4. Frank W Brown says

    $18,000,000,000,000.00 in debt, yet the potus says we are the richest country on earth?!?! in his latest news conference! what an IDIOT!

  5. adrianvance says

    Now I ask all phone solicitors, “Did you vote for Obama?” Most won’t answer so I say, “If you did that is why I will not give you any money. He ruined my business.” and that is true.

    Google “Two Minute Conservative” and they will listen when you speak.

  6. james lloyd says

    NO. That is a factual falsehood. By tracing the Policies (both Regulatory and Taxing) and Trade Agreements, of Presidents; we can just “follow the Money”. It sounds simplistic but it is a quick and dirty means to determine what the benefits or hardships are the results of their handiwork. It goes without saying that the Congress and Senate both have their own roles to play, but much of it is driven by the man with the “Bully Pulpit” ie.. the President. It is the American People who need to be more involved in the discourse over these Treaties and Policies, but it boils down to the President. It is his decision that is final, which is to say the Bill or Treaty is signed and it is then binding, after the president affix’s his signature. The need for public input into the process, is because we have no Lobbyists. We do not employ someone form K St. in Washington 5o badger, cajole and wine and dine on our behalf. We must go to our Congressional and Senatorial Representatives and voice our opinions and make our demands. Too often, we believe that the fictional “other guy” will do it for us. LOOK AROUND YOU AND SEE HOW WELL THAT IS WORKING OUT. I bet it isn’t working out very well at all, and we have only ourselves to blame. We allowed our representatives to hide the truth, we allowed ourselves to be lulled into a stupor with their lies and half truths; and the biggest indictment of all WE VOTED THEM BACK INTO OFFICE !!!!! VOTE them out in NOVEMBER !!!!!!

  7. James Andrews says

    This is blatantly obvious.

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