Are You Better Off Than You Were Three Years Ago?

Chances are, you’re one of the millions of Americans who are not better off than they were three years ago. According to CNBC, Americans’ standard of living has fallen more in the past three years than at any time since the government started tracking the standard of living. But of course, President Obama will continue to blame Republicans, who only control the House, and have done so for less than one year.

Think life is not as good as it used to be, at least in terms of your wallet? You’d be right about that. The standard of living for Americans has fallen longer and more steeply over the past three years than at any time since the US government began recording it five decades ago.

Bottom line: The average individual now has $1,315 less in disposable income than he or she did three years ago at the onset of the Great Recession – even though the recession ended, technically speaking, in mid-2009. That means less money to spend at the spa or the movies, less for vacations, new carpeting for the house, or dinner at a restaurant.

In short, it means a less vibrant economy, with more Americans spending primarily on necessities. (Read More)

The article goes on to note that the misery index is higher than it’s been in nearly three decades, and the net worth of Americans has dropped by a whopping $5.5 trillion, or nearly 9%. Hey, isn’t $5 trillion about how much the national debt has increased since Obama took office?

Update: Linked by the Poh Diaries – thanks!