Under the leadership of President Obama the value of Americans’ assets has declined by a whopping 22%. To make matters worse, the dept to income ratio of Americans is higher than it’s been in three decades. But I’m sure this won’t make the evening news.
The struggling economy, President Obama’s inability to fix unemployment and the sour housing market have cut the value of assets held by adult Americans by 22 percent since 2007, according to Pew Research.
In a new analysis of American household fiscal healthiness, Pew also found that those 35 and older have a higher and out-of-whack debt-to-income ratio of 1.22, the highest in three decades.
The crash in household assets and rise in debt comes as Americans are paying more in payroll taxes and at the gas pump, an unhealthy concoction that is sapping support for Obama.
A new Economist/YouGov poll provided to Secrets found Americans split on Obama, with 47 percent approving of his job performance, 46 percent not. And younger voters are especially distressed, with Obama receiving just 43 percent approval from those 18-29 who went overwhelmingly for him in the 2012 election. (Read More)
We’ll be lucky if our assets are worth anything by the time Obama’s finished with us.
Well of course American assets have declined under Obama. We have suffered a major recession: a stock market crash and major housing bust, on top of middle class salary stagnation for three decades, from Reagan to the present. These are the facts.
The national debt nearly doubled during GW Bush, and has increased half again more so far under Obama. With 8 million jobs lost at the recession onset, and only 4.5 million regained or created, thus tax revenues have taken a big hit, adding to our debt since Obama took office.
Increased government spending has been required to bail out banks and auto companies and to stimulate the economy, all necessary spending in order to save us from the worst, a world-wide depression. Increased spending has also been required to rescue families who otherwise would suffer inordinately due to no fault of their own.
Is it any wonder that it will take us, and the globe, a matter of years to recover?
I don’t think it has to take too long, but there are ideologues with political power who have obstructed our recovery in their selfish quest for more power. And they continue to do so as we speak.
The resultant governmental dysfunction, rather than working together to generate solutions for economic growth, has served to prolong the suffering of the American people and inhibit robust economic recovery.
And it is not only this great recession which has troubled us as a nation, it is decades of neglect of our K-12 education system, of our infrastructure maintenance, and of the progressive tax policies, all of which have served us well during the earlier post WWII years.
I worry a lot about the vast amounts of wealth and resultant political power which have migrated into the hands of a powerful few, such that we no longer have government of the people, by the people, and for the people, only of the powerful and wealthy few. The ideals of our founding are fading, yet we know well how to restore them, but do nothing to invigorate their restoration.
We know what to do: Let’s do it starting now!
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(Slow clapping applause) Nice try, again, WW. “Progressive policies” never serve individuals or freedom well.
You belong over here if you’re not there already:
http://cpusa.org/the-party/
There, you can read about yourself, progressives and unions. And if you’re still confused about where you’re trying to take us, hit the “contact” tab at the CPUSA site if you have any other questions. You’re welcome.
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