Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Pew Study: Nearly All Americans Lost Worth Under Obama-Led ‘Recovery’

April 24, 2013 by  

Pew Study: Nearly All Americans Lost Worth Under Obama-Led ‘Recovery’
PHOTOS.COM

According to a new statistical report, the only Americans who saw their money grow during the past two years of “economic recovery” touted by the Administration of President Barack Obama are those who weren’t hurting to begin with: the wealthy.

Everybody else? On the whole, they lost money. But who does that group include, exactly?

Why, nearly everyone.

According to the report, published Tuesday by the Pew Research Center, 93 percent — that’s 93 percent – of the American population saw their households’ mean net worth fall by an average of 4 percent between 2009 and 2011.

Four percent isn’t negligible, but it’s at least small enough a number to defend rhetorically: “[W]e are poised to grow in 2013,” Obama dissembled in February, after a bad economic report indicated his spending-spree recovery policy might not be working.

But 93 percent isn’t negligible. That’s almost everyone — every household in the United States. Whether incomes in those households rose a little, stayed flat or fell, their net worth, on average, was less in 2011 than it was in 2009.

And here’s another number that isn’t negligible: 28 percent. That’s how much the net worth of the richest 7 percent of American households grew, on average, over the same time period.

In contrast with the unwashed masses, who got 4 percent poorer while the American Recovery and Investment Act went forward and the Federal Reserve printed money, the rich got 28 percent richer:

From 2009 to 2011, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3,173,895 from an estimated $2,476,244, while the mean wealth of the 111 million households in the less affluent group fell to an estimated $133,817 from an estimated $139,896.

That’s because speculation under Obama is good business, while real goods keep seeing their worth shrivel. “Affluent households typically have their assets concentrated in stocks and other financial holdings, while less affluent households typically have their wealth more heavily concentrated in the value of their home,” the report notes.

Guess what the stock market’s done over the past two years? Now think about home values over the same time period. The money made by the richest 7 percent was still enough to lift the aggregate wealth of American households, both rich and poor, by $5 trillion, or 14 percent.

Ben Bullard

Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.

Facebook Conversations

Join the Discussion:
View Comments to “Pew Study: Nearly All Americans Lost Worth Under Obama-Led ‘Recovery’”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.