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Family Wealth, Lowest Since 1992


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Showing 1-23 of 23 posts in this discussion
Initial post: Jun 12, 2012 6:21:52 AM PDT
C. Andersen says:
Family Wealth, Lowest Since 1992

The wealth value of the average American family has drops 40% in the last three years, to its lowest level since 1992. An entire generation has had their savings wiped out under the Obama administration. More people are on food stamps, welfare services or standing on street corners than ever in our history!

How could Obama come out an make an announcement that the economy is not that bad? Really, just look at what's going on in the country! Just because his net value has increased from $2 million to $10 million in 3-1/2 years?! Just because he attends $40,000 dollar a plate dinners?! That doesn't mean the rest of the country is enjoying his lifestyle!

Romney is right! Obama is way out of touch with the average American. Obama needs to get out and talk with the really people of America, not the wealthy, Hollywood elite like Clooney and wall street billionaires like Buffet.

These people have no idea what it's like for most working class American's!

In reply to an earlier post on Jun 12, 2012 6:27:58 AM PDT
Between 2000 and 2007 America's McWage rose by 13% while the Big Mac price jumped by 21%, resulting in a net tumble in the BMPH real wage of 7%.

Purchasing power has been dropping consistently in the US for decades causing families to dip into money that would have been reserved for savings.

http://www.economist.com/blogs/freeexchange/2012/06/purchasing-power-parity

To say that either one of these guys is in touch with the average American or is likely to do anything to reverse this trend of wealth redistribution is laughable.

In reply to an earlier post on Jun 12, 2012 6:35:03 AM PDT
Belar says:
"Romney is right! Obama is way out of touch with the average American."

Romney, of all people never, ever, ever, ever, ever gets to make that claim about someone else. The guy doesn't even make statements without checking with his PR people first, because he's likely to say something that makes people view him as some completely out of touch fool.

"Obama needs to get out and talk with the really people of America"

Who do you think voted him into office in the first place? Hollywood doesn't have a particularly large voting block in comparison with the rest of the country.

"These people have no idea what it's like for most working class American's!"

Oh, and Mittens does? He grew up as a spoiled, entitled little brat, an attitude that he kept in his adult years. I'll give you the argument that Obama is out of touch too, because frankly, he is. However, I also think that's just part of human nature too. He's not the one suffering like so many other people are, and neither are the rest of the 1%. There's only a select few among them that really care whether or not other people are suffering. Most of them are quite happy being uber-wealthy, and the fact that so many others aren't doesn't matter in the least to them.

PS- I'm sure the wealth decline has nothing at ALL to do with the economy tanking before Obama took office. We were in for a rough ride regardless of whether Obama or McCain got elected. I just happened to vote for the guy who *didn't* say that he lacked an understanding of economics after three freaking decades in the senate helping to craft economic policies.

In reply to an earlier post on Jun 12, 2012 6:59:38 AM PDT
VicAriel says:
Andersen -
Of course you failed to link an article regarding the FEDERAL RESERVE survey. You wingers usually don't give them much credibility. You also neglect to mention that the bulk of the loss in net worth was due to the housing crash that happened during the Bush administration.

I don't know what you're whining about though. The wealthiest Americans you worship are doing just fine. It's the middle class and the poor who have taken the hit in their "family wealth". I thought their loss of income was due to their not working hard enough.

*Only roughly half of middle­-class Americans remained on the same economic rung during the downturn, the Fed found. Their median net worth - the value of assets such as homes, automobiles and stocks minus any debt - suffered the biggest drops.

* By contrast, the wealthiest families' median net worth rose slightly.

* The poorest families suffered the biggest loss of wealth from the drop in real estate prices. But middle-class Americans rely on housing for a larger part of their net worth. For some, it accounts for just more than half of their assets. That means every step downward is felt more acutely.

http://goo.gl/2fSJi

In reply to an earlier post on Jun 13, 2012 12:17:58 PM PDT
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In reply to an earlier post on Jun 13, 2012 12:20:33 PM PDT
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Posted on Jun 13, 2012 12:27:15 PM PDT
ignatov says:
Ann Romney has an unusual hobby. She likes to collect dancing horses and the slaves who ride them. And your tax dollars helped to make up the difference in tax dollars that Ann & Mitt Romney didn't have to pay in order to represent America in the London Olympics:

"On the Romneys' 2010 tax returns, they reported a loss of $77,000 for their share of the partnership that owns Mr. Ebeling's top mount, Rafalca."

http://www.nytimes.com/2012/05/27/us/politics/ann-romneys-hobby-spotlights-world-of-dressage.html?pagewanted=all

Posted on Jun 13, 2012 12:40:04 PM PDT
Last edited by the author on Jun 13, 2012 1:19:12 PM PDT
Mende Mui says:
This OP doesn't make much sense; Wealth for American families dropped for several reasons... Household wealth is usually calculated based on assets like real estate (for a working class family) but with housing market up in flames, of-course. How many good jobs have been sent overseas since 1992? Has the wages compensated the rise in the cost of living? Healthcare cost? What about the people who took money out on their mortgages before it all came crashing down? The 2008 economic collapse? Lets just do another tax cut for the rich and everything would be fixed ---we already did that.

Americans won't start saving again any time soon!

In reply to an earlier post on Jun 13, 2012 1:07:01 PM PDT
The "deflation" of the real estate bubble...which is the primary reason for the drop, isn't due to the reasons many say.

This loss of wealth is how today we are seeing what during other times would be MASSIVE inflation. They're coming out of your home prices and other assets. Look at the losses in real estate as a total measure of value...and you then will understand the debt we are sending to China is being prepaid with the value of our homes.

In reply to an earlier post on Jun 13, 2012 1:14:52 PM PDT
JKW Retired says:
"Household wealth is usually calculated based on assets like a mortgages"

A mortgage is an asset? Not on my balance sheet.

In reply to an earlier post on Jun 13, 2012 1:15:16 PM PDT
TN says:
<<Between 2000 and 2007 America's McWage rose by 13% while the Big Mac price jumped by 21%, resulting in a net tumble in the BMPH real wage of 7%. >>

Apparently people don't know college tuition has gone up 15% last year alone. Bottle sizes of foodstuff have shrunk up to 33% for the same prices.

Posted on Jun 13, 2012 1:18:26 PM PDT
Last edited by the author on Jun 13, 2012 1:18:35 PM PDT
Mende Mui says:
Oh well, sometimes my hands type on their own!

Posted on Jun 13, 2012 2:20:16 PM PDT
TN says:
Americans now owe more than $875 billion on student loans, which is more than the total amount that Americans owe on their credit cards.

Since 1982, the cost of college tuition which has gone up by more than 400%.

There are about two million recent college graduates that are currently unemployed.

Approximately two-thirds of all college students graduate with student loans.

Total student loan debt in the United States is now increasing at a rate of approximately $2,853.88 per second.

In 1992, there were 5.1 million "underemployed" college graduates in the United States. In 2008, there were 17 million "underemployed" college graduates in the United States.

Federal statistics reveal that only 36 percent of the full-time students who began college in 2001 received a bachelor's degree within four years.

66% of high school graduates go to college immediately after graduation.

+endoftheamericandream.com
+nces.ed.gov

In reply to an earlier post on Jun 13, 2012 2:40:35 PM PDT
*Apparently people don't know college tuition has gone up 15% last year alone. Bottle sizes of foodstuff have shrunk up to 33% for the same prices.

First don't go to college but get the basic hours from a community college. Yes, prices are up. What is driving prices up. There is a recession and decreased demand how can prices rise when demand falls?

In reply to an earlier post on Jun 13, 2012 2:42:25 PM PDT
*In 1992, there were 5.1 million "underemployed" college graduates in the United States. In 2008, there were 17 million "underemployed" college graduates in the United States.

Then don't go...

Seems many are getting the jobs they would have had they not had a degree. Just get that job skip the debt and take the lowest price classes or take fewer classes. How many people go to college for the education but the college experience and the sheet of paper saying they were there.

In reply to an earlier post on Jun 13, 2012 3:03:44 PM PDT
If it was in the name of Ann Romney, it's got to be good for America. Oh wait. Americans had to make up for a bad business decision that "cost" the Romney's $77,000. I guess that makes them deadbeats like the rest of the folks that bilk the tax payers out of their hard earned money. SHAME! How hypocritical.

Posted on Jun 13, 2012 3:06:07 PM PDT
[Deleted by Amazon on Jun 18, 2012 1:10:02 PM PDT]

In reply to an earlier post on Jun 13, 2012 3:07:11 PM PDT
And Rick Santorum called Obama a snob. College isn't for everyone, I guess. These underemployed youth would have been better served to get a vo-tech degree in auto mechanics or plumbing. The pay is pretty good and the demand is pretty high.

In reply to an earlier post on Jun 14, 2012 10:23:17 AM PDT
*And Rick Santorum called Obama a snob. College isn't for everyone, I guess. These underemployed youth would have been better served to get a vo-tech degree in auto mechanics or plumbing. The pay is pretty good and the demand is pretty high.

What is wrong with seeking other kinds of training outside of college?

I often wonder why so many employers seek a college degree. I can understand for techical jobs but if what the degree is in doesn't matter why should they seek one? Is it that HS education is so worthless that passing HS does not imply any skills. What you need to read more than a paragraph so we want a college degree...

In reply to an earlier post on Jun 14, 2012 10:27:25 AM PDT
Collecting horses? Wow, Ann Romney sure understands what it is like to be me!

In reply to an earlier post on Jun 14, 2012 10:35:40 AM PDT
Everyone has to attend High School--until you are legally of age and then you can drop out. Earning a four year degree shows employers a few important facts about their potential employee. For one they can dedicate their life to a "long term" commitment and see a task through to completion. It's like having a four year work history with one employer and having a significant goal that has been achieved. It also means that one has been exposed to a broader base of knowledge than NASCAR or WWF wrestling which is important for those working in a service industry. Usually it also means one has been exposed to technology beyond that which is available to many high schools--this maybe not so much as in the past. Even an auto mechanic has to deal with high tech equipment--which is why many mechanics have a vo-tech background. Unless one is happy with being a burger flipper or has a connection to get into an apprenticeship program, higher education of some kind is still highly desirable.

Posted on Jun 14, 2012 11:07:53 AM PDT
[Deleted by Amazon on Jun 18, 2012 1:10:13 PM PDT]

In reply to an earlier post on Jun 14, 2012 11:41:08 AM PDT
*Everyone has to attend High School--until you are legally of age and then you can drop out. Earning a four year degree shows employers a few important facts about their potential employee. For one they can dedicate their life to a "long term" commitment and see a task through to completion.

Basically HS is worthless and does not imply any ability. I do recognize that technical jobs where they expect you to study in the field is expected. All college does it imply some minimal abilites. Why not then put a vet on par with college they have technical training, they have completed a competitive system. They have accomplished far more than what is expected in many BA programs.
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Discussion in:  Politics forum
Participants:  13
Total posts:  23
Initial post:  Jun 12, 2012
Latest post:  Jun 14, 2012

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