Looks like all is going according to plans to get rid of that pesty independent middle class and make everyone dependent upon the federal government.
Wealth? Dude, what happened to my paycheck?
A very significant factor is the decline in housing prices in many areas. If your “wealth” was the inflated value of your house, and if you still have your house, even though its appraised value has dropped, have you really lost anything?
As long as people keep believing the welfare state is redistributing the wealth from the rich to the poor it will continue.
The welfare state redistributes the wealth from the middle class to the rich.
I find it hard to believe that the average wealth of the top 5% has declined between 2007 and today. If you were holding $1.6 million in 2007, you should have considerably more now....if you played your cards right.
Money that used to be set aside for savings is now going to guns/ammo/preps.......
It didn’t vanish. It went to Obamacare, Obamataxes, Obamainflation, Obamagolf, and moochelle vacations.
Yes but if I tally up the net present value of my entitlements, I’m a millionaire!
/s/s/s/s
Oooh, net worth. That’s a statistic which doesn’t come under the control of the Bureau of Political-Serving Statistics.
Speaking of George (the recent W one) the economy was awful under his 2 terms according to the leftist liars in the media. Yep that average 5.2% unemployment rate for those years was horrendous. Bammy’s economy is all peaches and cream dontchyaknow— so says the Pravda talking heads: experts at boot-licking analyses.
And yes but our Socialism inSecurity checks will keep us all happy, content and thankful to benevolent Uncle Sham just the same.
I’m watching my daughter’s family go through this. VEry serious situation. They are managing, thank God, and also thank Freepers who prayed for her to find a new job after being “laid off.” But other families in this situation might not be doing as well.
Someone needs to calculate the drag effect of federal, state and local regulations on American wealth. There’s all kinds of laws that benefit a minority of cronies at the expense of all of us.
As depressing as this news is, there is one silver lining:
All of the bums and moochers who get their “money” through tears and whining are going to be SOL when there’s no government to back up their useless paper with force. Meanwhile, those of us with actual skills and tangible assets, while not living perfect lives, will be better off than the moochers to a degree.
this is all by design