Another Record… US Household Net Worth Reaches 43 Year Low Under Obama

Parts of the brick walkway of Liberty Island that were damaged in Superstorm Sandy were shown during a tour, in New York, Friday, Nov. 30, 2012. (AP)

Terrific. US household net worth reached a 43 year low under Barack Obama.
It was bad last year. It’s worse this year.

Under Barack Obama American households hit a 43-Year low in net worth this year.
And, just think, his presidency is not quite half over yet!
CBS Local reported:

The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.

According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.

According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent. The “less than $10,000″ figure includes the numerous households that have no assets at all, or “negative assets,” which is otherwise known as “debt.”

Over that same period of time, the wealthiest 1 percent of American households increased their average wealth by 71 percent.

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  • jharp

    “Over that same period of time, the wealthiest 1 percent of American households increased their average wealth by 71 percent.”

    And wingnuts think the answer is to further cut the taxes of the 1%. And let the Obama tax cuts for 95% of working Americans expire.

    God I’m glad we sent Romney packing. I am quite proud of liberals specifically and American voters in general.

    Great work team. And great work Mr. President. Very much looking forward to your next 4 years.

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  • Objective Analysis

    @jharp: Is that sarcasm?

    No lower taxes, Rich keep their money and don’t invest in job creation.

    Result: No jobs, no employment, long food kitchen lines like during Depression when FDR existed.

    Hello, dummy. This is what the Democrats want – CONTROL. Romney was a liberal and Soros wanted him to be the Republican nominee to guarantee Obama would win again b/c there is no difference between the two. Duh.

    Coup detat is complete idiot to complete this New World Order where people are now WARDS OF THE STATE. Only two classes: Rich and Poor.

    Make the USA into City of Detroit (do they still exist), Illinois, California who are all BANKRUPT and have a low standard of living like Mexico. Dumb idiot.

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  • kato

    But the Section VIII and subprime parasites are doing great.

    Free cellphones too!

  • bg



    Cloward Piven

    Manufactured Crisis

    Maurice Strong Death Squds

    [In 1953 Strong was hired out of the UN Security section and sent
    to Kenya by the Sidley Austin law firm acting for New York-based
    Rockefeller Family
    trusts which now handle university endowment
    funds and $55 trillion in the Carbon Disclosure Project.


  • bg


    re: #6 November 30, 2012 at 8:36 pm bg

    Obama, Maurice Strong, Al Gore

    [In 1997, Strong went on to accept from Tongsun Park, who was
    found guilty of illegally acting as an Iraqi agent, $1 million from
    Saddam Hussein, which was invested in Cordex Petroleum Inc.,
    a company he owned with his son, Fred.


    It may be interesting to note that the Chicago Climate Exchange in spite
    of its hype, is a veritable rat’s nest of cronyism. The largest shareholder
    in the Exchange is Goldman Sachs. Chicago Mayor Richard M. Daley is its
    honorary chairman, The Joyce Foundation, which funded the Exchange
    also funded money for John Ayers’ Chicago School Initiatives. John is the
    brother of William Ayers.]

    Obama Years Ago Helped Fund Carbon Program
    He Is Now Pushing Through Congress 3/25/09

    [In 2000 and 2001, while Barack Obama served as a board member for a Chicago-based charitable foundation, he helped to fund a pioneering carbon trading exchange that is likely to fill a critical role in the controversial cap-and-trade carbon reduction scheme that President Obama is now trying to push rapidly through Congress.

    During those two years, the Joyce Foundation gave nearly $1.1 million in two separate grants that were instrumental in developing and launching the privately-owned Chicago Climate Exchange, which now calls itself “North America’s only cap and trade system for all six greenhouse gases, with global affiliates and projects worldwide.”]


  • Patty

    Liberals think that the U.S. is arrogant and needs to be taken down a notch or three. Liberals think that U.S. history is filled with nothing but evil and any attacks on the U.S. are richly deserved. Liberals think that the U.S. was founded by evil, selfish, hateful white men who were only interested in their own power and didn’t want to empower others. So, liberals want the founder’s memory eviscerated. Liberals think that our capitalist system needs to be eliminated. In short, liberals value nothing about the U.S. except its tradition of self-actuation, liberty, and its freedom to re-make itself and they want to use that capacity to erase everything that makes the U.S.A. the U.S.A. Once that is done they want to build a U.S. to their own liking using the very freedoms they used to lay her low.

    This is the aim of groups like the American Civil Liberties Union,, the Center for American Progress, Media Matters and other such extremist left-wing organizations. Even CAIR attempts to use America’s freedoms as a weapon against her.

    But, again, these liberals think they are doing a good thing. The problem is that they are utterly wrong. If this country treads the left-wing path, the U.S. will not emerge a winner. It will be laid low just like the left wants, but it will not rise again. The left’s prescriptions will lead to our becoming a third world nation. And yet there is no doubt they really imagine they are doing good.

  • bg


    November 30 , 2012

    Communist Party USA: Go, Obama, Go!

    yes, Obama ran as a Communist, and anyone who claims they didn’t
    know that by now is part and parcel of of Obama’s coverup crew.. 😡


  • bg


    Patty #8 November 30, 2012 at 8:50 pm

    irony is, LIBERALS are the cause of their own cause..


  • jharp

    #5 November 30, 2012 at 8:33 pm
    kato commented:

    “But the Section VIII and subprime parasites are doing great.”

    Yep. Section VIII’s and subprime borrowers have it made. That is where the good livin is at.

    Good grief. God you’re a loser.

  • myohmy

    And the only thrivings are household around DC. Funny that Susan Rice’s boss vilifying oil companies and yet they are making millions in their portfolio.

  • bg


    correction re: #10 November 30, 2012 at 9:00 pm bg

    actually, many moons ago true liberals, like me, used to be the
    good guys, what has happened over time is that progressives
    hijacked the liberal label without changing their ideology, which
    is communism, marxism, leninism, stalinism, etc, rolled into one
    happy democidal Utopianist group.. /s/


  • Patty

    And appropriate picture of the Statue of Liberty, distressed for the fiery of Mother Nature. Sandy hurt so many normal people to every day things. In an instant their lives will never be the same. And if we allow this government to remain the same we too will never live the same way we have in the past.

    Less freedom, more government spending, fear and insecure feeling of helplessness.

  • Patty

    WH Fiscal Cliff Offer Includes Unlimited Executive Power to Raise Debt Ceiling

    Dear God help us all.

  • Patty

    Liberal Democrats: Higher rates for wealthy ‘just the beginning’

  • Patty

    Proof Obama is a waste of our hard earned money and waste of our time:

    Obama Travels to Pennsylvania to Speak for 18 Minutes

    Here we go. The second term carelessness with the taxpayers’ money begins.

    President Obama flew Air Force One to Philadelphia and then hopped aboard Marine One for another 15-minute flight north to Hatfield, Pa., just to spend 18 minutes haranguing Republicans about the fiscal cliff.

    He spoke at the K’NEX toy manufacturing company. Hmm, visiting a toymaker before Christmas. Very suspicious.

    Wait a second. From the pool report filed upon Obama’s return:

    POTUS touched down at about 2.35pm on Marine One and proceeded to the West Wing without incident.

    Trailing behind was Marvin Nicholson, carrying a number of bags marked with the word. K’Nex, the toy factory Mr Obama visited earlier in Philadelphia.

    Okay, now this is making sense . . .


  • bg


    Patty #16 November 30, 2012 at 10:38 pm


    not LIBERAL, in 2012, but there is no such entity as
    a Liberal Democrat, Liberal Republican perhaps.. /s/


  • Patty


    Video || Obama Replaces Hail to the Chief!

  • Patty

    Quote of the Day || November 30, 2012

    “Boehner, of course I’m not saying, It’s my way or the highway. I’m saying, Take it or leave it.”

    – Barack Obama

    A note from our attorneys: This is not a real quote