“Americans have rebuilt less than half of wealth lost to the recession, study says”
So reads a Washington Post headline, followed by the article’s opening paragraphs:
“American households have rebuilt less than half of the wealth lost during the recession, leaving them without the spending power to fuel a robust economic recovery, according to a new analysis from the Federal Reserve.
“From the peak of the boom to the bottom of the bust, households watched a total $16 trillion in wealth disappear amid sinking stock prices and the rubble of the real estate market. Since then, Americans have only been able to recapture 45 percent of that amount on average, after adjusting for inflation and population growth, according to the report from the St. Louis Fed released Thursday.
“In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker.”
“‘A conclusion that the financial damage of the crisis and recession largely has been repaired is not justified,’ the report stated.”
I could add a mere few words to sum that all up, but I’ll try to keep it classy.
This is President Obama’s America. Make no mistake of it.
A country as strong as the United States – which has ultimately emerged triumphant from revolutions and civil war and foreign invasions, depressions and recessions – doesn’t need five years to recover from a market downturn, even one as severe as the 2008-2009 crash.
It needs some serious assistance in order to stay poor and needy, assistance that Obama and his liberal-leaning crew (including Republicans too often) have been more than happy to dole out in the form of regulations and spending and manipulation and backstabbing.
Obama’s plan of passing around handouts to Americans like we’re helpless little children, of slapping us with rule after rule after business-crippling decree like we can’t figure things out on our own, and of lying to us – about Obamacare, about Fast and Furious, about Benghazi, about the IRS, about wiretapping, etc., etc., ad nauseam – like we don’t deserve any respect...?
I think after four-plus years, it seems safe to say that it isn’t working out.
Judging by the results all around us and reports like the Federal Reserve’s mentioned above, it seems high time we got a different plan.