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

    ++

    Rockefeller

    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, Moveon.org, 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.

    http://www.conservativecrusader.com/articles/does-obama-want-to-destroy-america-yes-but

  • 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

    http://www.breitbart.com/Big-Government/2012/11/30/WH-Proposal-For-Avoiding-Fiscal-Cliff-Includes-Giving-Obama-Unlimited-Powers-To-Raise-Debt-Ceiling

    Dear God help us all.

  • Patty

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

    http://thehill.com/blogs/blog-briefing-room/news/270263-progressive-dems-form-their-own-gang-of-six

  • 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 . . .

    http://www.whitehousedossier.com/2012/11/30/obama-travels-pennsylvania-speak-18-minutes/

    SPENDS OUR MONEY LIKE A DRUNKEN SAILOR.

  • bg

    ++

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

    PROGRESSIVE DEMOCRATS

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

    ==

  • Patty

    ot

    Video || Obama Replaces Hail to the Chief!

    http://www.youtube.com/watch?v=gE91uECdnmI

  • 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

    http://www.whitehousedossier.com/2012/11/29/quote-day-november-30-2012/

  • bg

    ++

    re: #18 November 30, 2012 at 10:46 pm bg

    in 2012, there is no such entity as a Liberal Democrat

    ==

  • bg

    ++

    OT..

    can’t imagine why this has been overlooked..

    November 29, 2012

    Planned Parenthood mandates abortions; affiliates flee

    [“Planned Parenthood of South Central New York is the latest affiliate to become independent because it won’t comply with the rule,” Marjorie Dannenfesler, president of the Susan B. Anthony List, said in a statement today.]

    ==

  • Patty

    #22
    bg

    couldn’t finish reading the damn thing, so upset. Sorry for cursing but I haven’t felt the same since Obama won.
    between you and me! 🙂

  • Patty

    OT

    National Defense Authorization Act is legislation which provides budget authority to the Department of Defense and to the Department of Energy’s national security programs

    http://www.canadafreepress.com/index.php/article/51431
    Exclusive: Obama White House Threatens to veto 2013 NDAA if Gitmo is not closed

  • T.A.G.

    ++

    re: #: 21 November 30, 2012 at 10:47 pm

    You make no sense.
    Are you a lefty, liberal plant?

    ==

  • bg

    ++

    T.A.G. #25 November 30, 2012 at 11:12 pm

    why does it matter what i am, if you cannot tell the difference between
    LIBERAL and PROGRESSIVE even after it’s spelled out for you, you lack
    comprehension skills which is indicative of today’s progressive liberals..

    ==

  • bg

    ++

    T.A.G. #25 November 30, 2012 at 11:12 pm

    a Progressive (liberal) Democrat

    is not the same as a Liberal Democrat

    ==

  • bg

    ++

    just a sampling:

    [R.J. Pestritto writes that the Progressives “detested the Declaration
    of Independence, which enshrines the protection of individual natural
    rights (like property) as the unchangeable purpose of government;
    and they detested the Constitution, which places permanent limits on
    the scope of government and is structured in a way that makes the
    extension of national power beyond its original purpose very difficult.”
    Given their contempt for those documents, the progressives’ mission
    was to progress, or move beyond, the principles laid out by the
    founders.

    Whereas classical liberalism saw government as a necessary evil whose involvement in social and private affairs needed to be limited wherever practicable, progressivism saw the state as the rightful overseer and regulator of significant portions of American social and economic life. To compensate for the inequities of capitalism in industrial-age America, Progressives favored a government empowered to redistribute private property under the banner of social justice. R.J. Pestritto compares and contrasts progressivism and socialism:

    “Since the Progressives had such a limitless view of state power, and since they wanted to downplay the founders’ emphasis on individual rights, it is only natural to ask if they subscribed to socialism….

    “[We must] bear in mind that there was an actual socialist movement during the Progressive Era, and prominent progressives such as Wilson and Theodore Roosevelt were critics of it. In fact, Wilson and Roosevelt both ran against a socialist candidate in the 1912 election (Eugene Debs). The progressives were ambivalent about the socialist movement of their day not so much because they disagreed with it in principle, but because the American socialist movement was a movement of the lower classes. The progressives were elitists; they looked down their noses at the socialists, considering them a kind of rabble.

    “Keeping these points in mind, it is, nonetheless, the case that the progressive conception of government closely coincided with the socialist conception. Both progressivism and socialism champion the prerogatives of the state over the prerogatives of the individual. Wilson himself made this connection very plain in a revealing essay he wrote in 1887 called ‘Socialism and Democracy.’ Wilson’s begins this essay by defining socialism, explaining that it stands for unfettered state power, which trumps any notion of individual rights. It ‘proposes that all idea of a limitation of public authority by individual rights be put out of view,’ Wilson wrote, and ‘that no line can be drawn between private and public affairs which the State may not cross at will.’ After laying out this definition of socialism, Wilson explains that he finds nothing wrong with it in principle, since it was merely the logical extension of genuine democratic theory.”]

    Breaking Free From The Constitution

    Barack Hussein Obama
    January 18, 2001

    [Mr. Obama’s comments take a turn from discussing the historical record.
    Unprovoked he laments that the Supreme Court “could not break free
    from the essential constraints placed by the Founding Fathers in the
    Constitution.” He further describes the Constitution as “a charter of
    negative liberties.” This is at odds with the preamble to the Constitution
    and the Bill of Rights.
    ]

    ==

  • Sasja

    T.A.G. Now you’ve done it. bg will just inundate us with…. Oops. Too late.

  • bg

    ++

    Sasja #29 December 1, 2012 at 12:13 am

    inundate us with

    facts..

    my bad

    ==

  • Sasja

    bg, I was just kidding. Would have made a happy face but lost the instructions you gave me.

    OT

    Christopher Stevens, Sean Smith, Tyrone Woods and Glen Doherty.

    http://www.youtube.com/watch?v=SP9Cben3cuY

  • bg

    ++

    Sasja #31 December 1, 2012 at 12:29 am

    : – ) squished together = 🙂

    : lol : = 😆

    ; – ) = 😉

    : D = 😀

    8 – ) = 😎

    8 O = 😯

    thanks!!

    love the vid, needs to go viral!!

    ==

  • Sasja

    testing

    😆

  • Sasja

    It worked! Didn’t doubt you, bg. Doubted my ability. Thanks.

  • AnnaS

    It may be a waste of our time and good tax dollars–BUT it is what the people of the United States (united?) voted for. The most want to raise taxes on the rich–they didn’t know they would be the rich. The dictator of this country has successfully waged a class war. We are no longer a country–we are a collection of tribes against each other–blacks, asians, hispanics, whites. Let the whole thing go over the cliff. Let Obama and his regime own it. It’s what everyone wanted.

  • squeaky

    postesd solely for the picture although the job description sound about right for the royal family
    just a snark but given what we’ve seen of the o’s…..;-)
    http://joshuapundit.blogspot.com/2012/11/exciting-temporary-job-offer.html

  • squeaky

    so much for the faces for me…back to the drawing board.

  • feduptoo

    Too bad the storm, Sandy, didn’t blow that plaque off the Statue of Liberty, cause we sure do not need more poor and uneducated immigrants, that just get on government programs!

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  • The Elector of Saxony

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

    Did you happen to note the period of time in question? The 71% increase is over a nearly 30-year period. So, less than 3% per year. Seems a bit low, to me.

    The 43-year low in net worth should trouble everyone. Household net worth is a measure, among other things, of overall national wealth. Obama’s wealth destruction policies seem to be working, and he wants to double down on them for the next 4 years. I predict a third-world per capita net worth at the end of Obama’s next term. To service a debt as large as he has created will absorb most of the productivity out of the US economy. Yes, jharp, the rich will have less. Unfortunately, everyone else will be bread-line peasants.

  • bg
  • bg

    ++

    ht B/A-AfMR

    Responsibility to the Poor

    links & more @ more..

    ==

  • Pingback: WASHINGTON (CBS DC) – 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. « Family Survival Protocol()