The economy is “fine” and all we need to do is more stimulus spending. The Democrats plan is working.
Just how bad have the last three years been for some Americans? A Fed survey has some brutal data today showing that both median family income and net worth dropped dramatically over the last three years.
The median family net worth dropped a staggering 40% to $77,300 in 2010 from $126,400 in 2007, the Fed said in its Survey of Consumer Finances which is released every three years. The median family income dropped as well from $49,600 in 2007 to $45,800, or a 7.7% drop.
Middle-class families faced the brunt of the declines with those in the 60th to 80th percentile of income seeing a 40.4% drop in net worth from $215,700 to $128,600. Families with a net income in the the 20th to 39.9th percentile of income saw a 35.4% drop in net worth from $39,600 to $25,600.(Forbes)
Damn those “obstructionist” Republicans and evil rich corporate pigs!
Not only were Americans still facing significant debts, but they were making less money. Median income fell nearly 8 percent.
We just need more taxes and more spending and everything will be “fine”….eventually.
“The share of families with any type of debt decreased 2.1 percentage points to 74.9 percent over the 2007–10 period , reversing an increase that had taken place since 2001.” In particular, the share of a family’s outstanding credit card balances decreased 0.6% over the three-year period.
Meanwhile The Obama Administration has Spent $6 Trillion Dollars in ADDITIONAL DEBT. And they want to SPEND EVEN MORE!
Gee, I wonder who get’s it? (and who SHOULD get it in November!)🙂
But in truth, the president doubled down, explaining again his argument that the only real problem that the private sector really has is the decline in government hiring as federal stimulus funds have dried up. (FOX)
The Unemployment rate for Government employees is 4.2%. It’s been over 8% since February 2009 otherwise. But it’s “fine” and we just need to spend even more!
Compare that to private-sector industries such as construction (14.2 percent unemployment), leisure and hospitality services (9.7 percent), agriculture (9.5 percent), professional and business services (8.5 percent) and wholesale and retail trade (8.1 percent). As Andrew Biggs of the American Enterprise Institute points out, the public-sector unemployment rate “is the lowest of any industry or class of worker, even including the growing energy industry.” If the rest of Americans enjoyed the same unemployment rate as government workers, Obama would be cruising to reelection. (townhall)
“I would like to be able to know that my home, no matter what happens to my income or my life, is not going to be taken away from me because I can’t pay a tax,” said Susan Beehler, one in a group of North Dakotans who have pressed for an amendment to the state’s Constitution to end the property tax. They argue that the tax is unpredictable, inconsistent, counter to the concept of property ownership and needless in a state that, thanks in part to wildly successful oil drilling, finds itself in the rare circumstance of carrying budget reserves.
“When,” Ms. Beehler asked, “did we come to believe that government should get rich and we should get poor?”(NYT)
In a Word: “fair”.🙂
Still, even if the measure here fails on Tuesday, the notion is picking up steam in some Republican circles in other states, including North Carolina, Texas and Pennsylvania.
“No tax should have the power to leave you homeless,” said Jim Cox, a state representative in Pennsylvania who has proposed legislation to eliminate the school property tax in the state where, he said, such taxes have led to residents’ losing homes to sheriff’s sales, entering into reverse mortgages or simply moving away.
Do you think some people are ahead of the self-interested bureaucrats and Tax-and-spend Liberals?
Are they right?
But shaking up the liberal status quo is always a good thing. But be prepared for the rattlers and cobras that you turn over when peeking under those rocks. They will be VERY MAD.
But, if all else fails the Nobel Peace Prize Winner will just step up the Drone attacks on his “kill list” and make himself look like a bad ass.🙂
But there is a Bright Side:
Union workers in the Sharpsville Area School District cafeteria were the victors in a dispute with the school over what they could, and could not eat.
Members of the American Federation of State, County and Municipal Employees filed the grievance in 2011, according to the settlement which was approved by a unanimous vote of the school board May 21.
The board’s solicitor Bob Tesone approved the release of a copy of the three-page resolution this week following an earlier request by The Herald.
The grievance was based on the allegation that the school district “violated established past practice” in charging cafeteria workers for food or drinks that couldn’t be sold or consumed by students. These items would include food or drinks with expired dates or foods that had been reheated, none of which can be served to students according to safe food regulations.
But according to the settlement, cafeteria employees indeed can eat and drink those expired or reheated items – at their own risk. And they don’t have to pay for them. (Sharon,PA Herald)
Now ask yourself why this was litigation worth to begin with??