The Obama ‘Hope & Change’ Years: Median Net Worth of Families Fall 39% from 2007 to 2010

 

More great economic news for American’s from Barack Obama’s ‘Hope and Change’. According to the Federal Reserve, the median net worth of US families have plunged 39% in the past three years under Barack Obama. But of course we all know who Obama will blame for this. This is yet more proof that the private sector is doing fine. Let’s wait for Obama’s next presser when he says the American family is #DoingJustFine.

The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with ­middle-class families bearing the brunt of the decline.

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 data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross.

Read the full story at the WAPO.

Remember in November, as opined by the Lonely Conservative, when you ask yourselves if you are better off than you were four years ago, the answer for many is an obvious no.



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  • Comments

    12 Responses to “The Obama ‘Hope & Change’ Years: Median Net Worth of Families Fall 39% from 2007 to 2010”

    1. Zachriel on June 12th, 2012 7:19 am

      Scared Monkeys: Remember in November, as opined by the Lonely Conservative, when you ask yourselves if you are better off than you were four years ago, the answer for many is an obvious no.

      As the financial meltdown occurred in 2008, and there was a deep recession ensuing, it’s clear the problem predates Obama.
      ___________________
      SM: Yes it did and Obama has done nothing, absolutely nothing to make things better. Instead he passed Obamacare and wasted millions in failed, bankrupt green energy.

      Sorry, but man up. Obama’s entire 2012 reelection is based upon what he has done for the past four years. Sorry but blaming Bush is not going to cut it. Obama will be swept out of office the same as the GOP was in 2008.
      R

    2. Americans Lost 40% of Net Worth in Past Three Years | The Lonely Conservative on June 12th, 2012 7:44 am

      [...] years ago? Judging by this news, for most of you, the answer is “no.”Update: Linked by Scared Monkeys – thanks!google_ad_client = "ca-pub-1395656889568144"; /* 300×250, created 8/11/08 */ [...]

    3. The Debt Man on June 12th, 2012 7:47 am

      Just as Democrats blamed Bush in 2008, America will blame Obama in 2012. That is the nature of politics and if you don’t aor cant take it Obama, get out of the kitchen.

      Romney and the GOP will get their chance in 2012 and if by 2014 nothing has happened, they will take a hit in the midterms.

      Sorry, Obama has been a failure. No recovery from recession has ever taken this long ever.

    4. flippy on June 12th, 2012 8:32 am

      First, I am squarely in the crowd that is worth far less now than I was in 2007. As a small business owner whose business evaporated 2008 and has been on life support ever since (though I have avoided shutting down), these years have been a disaster.

      However, the article clearly states that this data is from 2007-2010. Your article is misleading at best. This data is not “from the last 3 years”; and straddles the administrations. The loss of net worth in the article is squarely under Bush responsibility.

      Now…the failure to recover is an Obama-issue; but the actual plunge in family net worth, as reported, is not.

    5. Executive Director of Congressional Black Caucus (CBC) Says Opposition to Barack Obama is Racism | Scared Monkeys on June 12th, 2012 9:00 am

      [...] are not opposed to Obama because of racism, they are against his policies because they are a disaster for families and for America. Oh no, but these lazy thinking individuals would rather use the race card than [...]

    6. tiredofthis on June 12th, 2012 9:58 am

      Let’s see, the Fed says that happened from 2007-2010. This is 2012, so that would be the last three years.

    7. PublicEnemy2u on June 12th, 2012 1:40 pm

      SM: Yes it did and Obama has done nothing, absolutely nothing to make things better. Instead he passed Obamacare and wasted millions in failed, bankrupt green energy…..
      I’m sure some still employed GM lineworker would be wondering what you people are smoking…

    8. super dave on June 12th, 2012 3:28 pm

      Zachriel: ha ha you are funny dude. if obama took everything you have and gave it to a crackhead, you would still be up his butt worshipping him.
      you people need education. go to a conservative school and learn something son.

    9. Zachriel on June 12th, 2012 5:45 pm

      SM: Yes it did and Obama has done nothing, absolutely nothing to make things better.

      Median net worth has increased since 2010.

      SM: Obama’s entire 2012 reelection is based upon what he has done for the past four years.

      Yes, he should be judged on how well he has responded to the crisis.

      SM: Obama will be swept out of office the same as the GOP was in 2008.

      Quite possibly, but that doesn’t make the U.S. financial meltdown and near collapse of the global economy something that happened on his watch.

      The Debt Man: No recovery from recession has ever taken this long ever.

      The U.S. took nearly a decade to recover economic capacity lost during the Great Depression. Though this meltdown was not nearly as bad, it was far worse than any comparable period since then. Essentially, the U.S. blew the engine in their economy.
      ____________________
      SM: I will gladly run against Obama’s last 4 years. If that is what happens he will lose badly. Obama has been a complete failure on domestic police and foreign policy. Sorry, the drones and capturing Bin Laden were inherited from the Bush White House just like the recession was.

      Obama has been a complete failure and even Dems know it. He has no coattails and only the most liberal areas will ask him to campaign with them. Most Dems run away from him like their hair was on fire, We can now add some scandals like Fast & Furious and “Leak-gate” to the mix.

      In the end, the Independents will never side with Obama.

      R

    10. Zachriel on June 12th, 2012 7:47 pm

      SM: I will gladly run against Obama’s last 4 years.

      That’s fine, but the original post concerned the period 2007-2010. The cause of the drop in median net worth clearly preceded the Obama Administration, and median net worth leveled off and started to grow after 2010.
      ________________
      SM: And unemployment went up and the number of discouraged workers leaving the work force skyrocketed. Must be those rich people made more money.

    11. Zachriel on June 12th, 2012 7:48 pm

      SM: The Obama ‘Hope & Change’ Years: Median Net Worth of Families Fall 39% in the Past Three Years

      Also, to be very clear, 2007-2010 is not the last three years.

      ———————

      Like anyone thinks that 2011 and 2012 are any better? Get real,

      Not only were Americans still facing significant debts, but they were making less money. Median income fell nearly 8 percent, to $45,800, in 2010. The median value of stock-market-based retirement accounts declined 7 percent, to $44,000.

      But it was the implosion of the housing market that inflicted much of the pain. The median value of Americans’ stake in their homes fell by 42 percent between 2007 and 2010, to $55,000, according to the Fed.

    12. Zachriel on June 13th, 2012 6:27 am

      SM: Like anyone thinks that 2011 and 2012 are any better?

      Median income and median net worth both increased in 2011. You have yet to correct your headline.
      __________________
      SM: Is America better off than they were 4 years ago, not a chance. Because all those folks on food stamps are loving life, or so discouraged they are not even looking for employment.

      “Median income and median net worth both increased in 2011.” I would love to see Obama sell that one to America. Sorry, too many people are suffering including those that voted for Obama in 2008.

      http://scaredmonkeys.com/2012/05/05/cnbcs-rick-santelli-on-the-obama-job-recovery-obamanomics-blasts-liberal-medias-ostrich-economics/

      Obamanomics Epic Fail … CBO States Food Stamp Rolls Explode By 70%
      http://scaredmonkeys.com/2012/04/21/obamanomics-epic-fail-cbo-states-food-stamp-rolls-explode-by-70/

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