If you're a member of the middle class, the Federal Reserve has figured out exactly what this recession has cost your family -- and be warned, it's ugly.
In its every-three-years "survey of consumer finances" released on Monday, the Fed said the net worth of the average American family plunged almost 39 percent from 2007 to 2010:
Here's another way to look at it. The average family's net worth dropped from more than $126,000 to less than $78,000:
The study covers three years, two-plus of which were under the Bush administration.
Bottom line: the reason the recession is worse for the middle class than for the wealthy is because of the housing crisis.
The net worth of a middle class family is basically the value of their house. The wealthiest Americans have a variety of assets, like stocks or airplanes or six houses, like Mitt Romney does.
But when the market went belly-up, the middle class took the hit on the only major asset they had - their homes.
Economists agree we should just pass bi-partisan bills on home refinancing, education, taxes and stimulus. The legislation is ready and waiting, but instead, we get Republican obstruction.
For example, President Obama wants to save/create more public sector jobs and Romney says they should be cut.
But look at what kind of jobs Obama is talking about when he says state and local government jobs? Mostly teachers, who represent the overwhelming majority of state and local jobs:
No, Obama is not talking about adding pointy-headed bureaucrats hunched over their desks in the corner of a vast government building plotting to make your life more difficult.
He's talking about teachers, police officers, firefighters, etc., people you probably know and/or meet just about every day, people who make a visible, measurable difference in our communities every day, people who work for the benefit of all Americans to create the conditions for the pursuit of personal and economic growth.
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Just the way the right wants it. Now if they can only get those numbers down more. That's when the wealthy's numbers go up.
who are these Americans that read this , hear this and look around them and STILL SAY THEY WILL VOTE REPUBLICAN?
Only the purposefully Ignorant - thats who they are !!! The B.B. - The Brainwashed Bunch - he he he !!
ely, I just heard the president make a 54 min. speech during which he laid out his policys and Romney's policies for the country. It was a magnificent, detailed, and informative speech, almost like a college lecture, but an interesting one. I was riveted by it.
How anyone hearing that speech (and Romney's earlier speech) can vote Republican is a great mystery to me, as well as anyone who reads the chart above. Who are these people who find that appealing?? Most of the country is working class and will be badly damaged by the GOP's policies!
The propaganda is amazing from the right, lie after lie. Fox was the only news channel which didn't air the president's speech but spent that hour undermining him in a discussion.
I think Obama makes great speeches. Always enjoy the jokes. I hope he keeps making speeches so he won't pass any more legislation like Obama care that will bankrupt the nation. He needs to pivot and pivot again. Just keep pivoting right out of the white house come Jan 20, 2013. I think Bill Clinton said it best 'the man is a rank amatuer'!
I use the term news channel only because that is what it is supposed to be.
In fact, it is a lying propaganda machine.
Republican's are a mystery to everyone. Including Republicans.
Chris not if you believe in magic and fairies with wings and wands. Or as Reagan liked to project his economy, smoke and mirrors.
whomitmay Are you a Government worker? You sure sound like you do! You Know your paycheck comes from the Private sector.
irish are you a lazy republican on welfare whining that some black guy who didn't pay the same amount in taxes as you is getting more welfare then you feel you deserve, you sure sound like one.
RIVITETED BY IT......lol You get that tingle running up and down your leg as well.??
you misspelled riveted, Stevie.
He/IT - Must be referring to the trickle down economic effect !!!! Obviously IT thinks that IT feels it !!! Ha Haa haaa - What a Gomer !!!!
All under obama and his lack of leadership skills...
Tonight's President Obamas fundraiser 80,000 a couple to have dinner at Sarah Jessica Parkers Home
That will Make President Obama having had more fundraisers then the LAST FIVE Presidents Combined
Sad to Watch How low President Obama has gone
Right and Mittens has 2 billionaires giving him a cool 20 mill a piece and you say nothing about that outrage. So take your Fox news fake outrage back to Fox where they will believe you.
Whom: You know the Democrats aren't allowed to raise money. Only GOP can. You know Wall Street only gave Obama money. And I hope you're aware that it was Obama that crashed the economy and caused the housing crisis. OH, he also started the Viet Nam conflict. <s>
it's AMAZING how much the Democrats and Liberals are Such HYPOCRITES
When President Bush was in office and Gitmo was Open
The democrats and Liberals ATTACKED him mercifully
Now only is Gitmo STILL OPEN but the SILENCE from the LEFT is deafening
When President Bush was in office the attacks from the left regarding Water-boarding was LOUD
but when President Obama is the judge and the jury and uses drones, once again
the SILENCE from the LEFT is DEAFENING
It's O.K. as long as usual as you are a Democrat or a Liberal
It's amazing how during Bush's 8 unelected years, the silence from the Republicans was DEAFENING. Even when he attacked a country that never threatened us, and murdered hundreds of thousands of innocent people. It's amazing how the Republicans countered every criticism of Bush with "You should never criticize a sitting president during time of war!" And then started criticizing Obama the day he was elected.
The Republicans are such HYPOCRITES. But then, you knew that already. You are one.
juststatingitasitis.
sixpick
Great Facts
Worth another repost
On January 3, 2007, the day the Democrats took control of both house of Congress, the Dow Jones Industrial Average closed at 12,621. The unemployment rate on January 3, 2007 was 4.6%. The gross domestic product, the economic output for the previous quarter was 3.5%. The economy had just set a record of 52 straight months of job creation or 52 straight months of new jobs every month in the 52 months prior to January 2007. Twenty six million American were on food stamps on January 3, 2007.
That number has doubled now. The Social Security Program took in something in the neighborhood of $100 billion more than it paid out in 2007. The national debt was approaching $9 trillion. The Dow is about the same but, that's just recently. For most of the past few years the Dow was way down and people were in panic over it. The unemployment rate in January 2007 was 4.6%. Today it is at least 8.3% and above. GDP in January 2007 was 3.5%. Now it's 1.8%.
Now we're into 3 straight years of job losses since Obama took office. Social Security is now spending more than it takes in and the national debt is approaching $17 trillion. It was $9 trillion in January 2007. And 4 out of the last 5 years Democrats have had the majorities in the legislative and executive branches of government. There is no intellectual case that can be made that the Republicans are the reason for all this spending and continued economic collapse. Not one Republican policy has been implemented. Social Security for the first time ever is spending more than it is taking in. We already have a $16 trillion dollar national debt. GDP is 1.5% an falling. Our debt is rising. There's no way and not mathematically possible true or accurate to say this decline has anything to do with conservative or Republicans. They haven't had enough power and they haven't had the ability to stop any of this even if they wanted to do so
6 has no facts he just has the usual right wing hype fake outrage and Mittens magic underwear he wears as a hat.
Actually, I think he cuts eyeholes in it and pulls it all the way down.