Now you know since this started in ’07 but continued through ’10 the regime will blame Bush! I’ll give them that for part of it but they could have taken steps to stop the hemorrhaging. Instead for 2 years of this drop DC was democrat control in the House Senate and White House. They continued to pile on the debt and waste to the economy making moves that only worsened the situation!
Don’t you worry the Pharaoh will be sure to play the blame game over this!
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By Paul Scicchitano | NEWSMAX
The Federal Reserve reports today that American families have about the same net worth under the Obama administration that they had 20 years ago when George H.W. Bush occupied the White House, leading Republican strategist Bradley A. Blakeman to tell Newsmax, “It’s like Groundhog Day.â€
The Fed’s findings, which are contained in its latest Survey of Consumer Finances, found that median wealth for families plunged by 39 percent to $77,300 in 2010 — down from $126,400 in 2007. The median marks the point where half of U.S. families had more and half had less. The recession officially began in December 2007 and ended in June 2009.
“This is a scary and ominous sign, not only of the present but of the future,†charged Blakeman in an exclusive interview after the findings were released. “It’s like . . . we’re back in 1992. It is bizarre.â€
Former GOP presidential candidate Rick Santorum agreed in an email to supporters this evening.
“Regardless of what President Obama says, the private sector is not doing fine,†penned the former Pennsylvania senator. “Out of control government spending, growing entitlements, heavy regulatory burdens and national debt continue to impede business growth. We need jobs, but in this environment, business growth is almost impossible.â€
Blakeman, who was a senior member in the last Bush administration, noted that net worth takes years for Americans to build. “Net worth is something that you accumulate over time, and it takes a long time for people to amass assets, yet their assets were almost wiped out overnight in 2008 and they’ve never seen a recovery of the assets they’ve lost,†he said.
After adjusting for inflation, the Fed’s report indicates that Americans are no better off than they were years before the start of the dot-com bubble, the housing bubble, 9/11, or the Iraqi war.
“People are looking at their IRAs. They’re looking at their housing prices — and you’re supposed to appreciate in value, not depreciate,†said Blakeman, a professor of public policy, politics, and international affairs at Georgetown University who appears regularly on Fox News and also is a Newsmax contributor.
“We’ve been in a depreciation cycle, which has hurt people — especially of retirement age, or people who have been retired a while — because they’ve seen their incomes drastically reduced and now they have a problem making ends meet.†…read more