This is just awful, awful news, and the maniacs in the White House don’t give a damn. Oh, but don’t worry, since everything’s “just fine” Betty White visited the Dumb Bastard today.
The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
The biggest drops occurred among middle-income Americans, whose wealth was inextricably linked to the housing market boom and bust…The implosion of the housing market inflicted much of the pain. The value of Americans’ stake in their homes fell by 42 percent in those three years to just $55,000. 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 over half of their assets. That means every step downward is felt more acutely.
On Sunday, Axelrod said voters “are going to judge what the president has done.” Actually, we already have. He should start packing. Now. And that goes for every GOP establishment hack as well–this disaster belongs to all of them–Obama is simply one more extension of a political class that see all of us as collateral damage on their quest for massive personal wealth and power.