Obamanomics In Action: Typical Us Household Worth One-Third Less Than Under Bush

Gateway Pundit ^ | July 26, 2014 | Jim Hoft

[2ndDivisionVet]

Another Obama record…

AMERICANS GETTING POORER – HOUSEHOLD NET WORTH IN DECLINE.

The median household net worth under Obama is one-third what it was during the Bush years.

Under Barack Obama American households are worth two-thirds of what they were worth under George W. Bush.

The New York Times reported:

Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.

The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.

The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 94 percent of the population had less wealth and 4 percent had more.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households.

Hat Tip Banafsheh Zand

It should come as no surprise then that Republicans overwhelmingly represent the middle class districts by almost a two-to-one ratio.

[what's up]

Not defending them, and largely agree with you, but how do you get any facts out when the press is selective about what they report?

True. The press is the real enemy.

[KC_Conspirator]

The Obamaeconomy again. When will this inept leader get the blame he deserves?