In more bad economic news for President Obama, the Federal Reserve released information today that showed that the median worth of American families dropped 40% between 2007 and 2010. In money terms, the drop was from $126,000 to $77,000, bringing the monetary value of families down to the same levels as 20 years earlier. During this same period of time, the Federal Reserve reported that family income fell by 7%.
According to the Fed, much of this decline can be traced to the decline in housing values, since much of families’ worth has been sunk into the worth of their homes. So, while housing values fell in much of the nation, in the West, where houses prices declined the most, the loss in asset valuation was particularly hard hit. In that region, median families assets declined by more than 55%. I know that housing prices in some parts of the west have yet to begin to rebound, since we have been looking at homes in Oregon.
It is likely that during the upcoming election campaign, the economy will be the primary issue. Because of the trepidation felt by many baby boomers as retirement nears, it is likely that people have decided to work a few more years to make up for their decline in assets. This probably will make them think twice before casting their votes for Obama. Romney has to make a case that his economic plan will induce the economy to rebound; if he does, he will likely see his chances of election improve.
June 12th, 2012 at 4:55 am
Obama has turned back the clock so far to 1992 in his first term in office. Most Americans alive today were doing better income-wise under GHW Bush than they are now. Just think what Obama will do if he wins reelection! Can you say ‘Tobacco Road?’
June 12th, 2012 at 7:34 am
BUSH WAS PRESIDENT IN 2007 AND 2008, YOU TURKIES! HOW STUPID DO YOU THINK THAT PEOPLE ARE?????!!!!!!!!!
55W7
June 12th, 2012 at 12:21 pm
Good job, Obama. Are you better off than you were four years ago?
June 12th, 2012 at 3:23 pm
That ass hole in #2 just doesnt get it.
This is the reesult of accumulation due to liberal policies since Carter.
You’ve only been told a hundred fcking times ya moron.
Yes, Bush was in office during the use of the CRA invented by Carter.
It was the Bush administration, Bush himself and McCain that went to the hill and said stop, please !
Barney Frank told em to fck off.
Once Dickhead got in office he quadrupled all our financial problems with his moonbattery.
And its getting worse, not better, there is no healing trend with 10,000 being born everyday and for every job produced two are lost
Its all due to housing
Got it ? Ya fckin idiot !
June 13th, 2012 at 11:35 am
If Obama is to blame for any of this, as you seem to imply, its because he hasn’t fought the very policies that you seem to endorse, which are the culprit.
We could start with the tax breaks for the wealthy(that didn’t work nor has it ever) that contributed to a huge income inequality that has transferred the wealth so that 400 Americans now have more than the combined wealth of the bottom 150 million. There’s no need for these companies to hire, give raises, or invest in the economy as they no longer are face with a tax burden if they don’t.
And there’s the resistance of raising the minimum wage despite the fact that it has historically worked well and would contribute to the buying power of American workers.
The weakening of unions is another area where the checks and balances are no longer there, giving corporations the option of paying whatever they want.
I could seriously go on and on as to why GOP policies have led to today’s financial woes. To blame this on Obama is asinine and indicative of the political hack that you are. These are the very Plutocratic and Social Darwinism policies that site such as this have promoted all along, not Obama’s policies.