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.

Thank You Barack & Obamanomics … Credit Rating Agency Egan Jones Downgraded the United States Because of Unsustainabible Debt

How bad for America is Obamanomics? Another credit agency has downgraded the United States economy over debt concerns. Obama and Democrats answer is to just keep on spending and increasing the debt. Credit rating agency Egan Jones downgraded the United States … Thanks Obama, why on Earth would any credit agency have concerns with a $15.6 trillion debt and growing.

Credit rating agency Egan Jones downgraded the United States Thursday on concern over the sustainability of public debt. Egan Jones is one of the most important ratings firms in the world; they lowered our credit level from AA+ to AA. The firm reduced America from AAA to AA+ in July 2011, just before Standard & Poor’s did the same.

Egan Jones warned. “Without some structural changes soon, restoring credit quality will become increasingly difficult . . . without some structural changes soon, restoring credit quality will become increasingly difficult.”

The Gatway Pundit reminds us of when Obama complained about what GWB did in 8 years with regards to the national debt? Barack Obama called it irresponsible and unpatriotic.  Obama stated that W increased the debt from $5 trillion to $9 trillion. Meanwhile in less than 4 years Obama has increased the debt to 15.6 trillion. If GWB was unpatriotic, then Obama’s handling of the debt is an act of treason.

Barack Obama Calls Out the Ryan Budget Yet WH Spokesperson Jay Carney Refuses to Address Why Obama Will Nor Call Out Democrat Controlled Senate To Pass Budget

The Barack Obama Presidency has no credibility. Obama is quick to call out Republican House Rep Paul Ryan’s budget, yet Obama and his minions are as quiet as a church mouse when it comes to why “The One” says nada when it comes to Harry Reid and the US Senate’s and the president’s own budget. What is most incredible is when Obama references Ryan’s budget as radical, it sounds like he is talking about his own policies and agenda.

Hot Air nails the duplicity of Barack Obama and his mouth piece minions. Obviously Jay Carney can’t handle the truth … nor questions about Obama’s budget or the lack there of.

To cleanse the palate, a simple question: Since only 51 votes are needed to pass a budget in the Senate and there are 53 Democratic and left-leaning independent senators, why doesn’t smilin’ Harry Reid ram through O’s latest spending blowout? The White House gets awfully fidgety when the media presses them on this, to the point where even former OMB director Jack Lew was forced to play dumb about how many votes are needed for Democrats to pass this thing.

Barack Obama Budget Defeated 414 – 0 … Yet Another Obama Victory, Maybe He Will Have More “Flexibility” After the Election?

President Barack Obama’s budget goes down in flames and is defeated 414-0. Talk about your bi-partisan votes. Not one Democrat voted for Obama’s budget. As stated by Jammie Wearing Fool, obviously all 414 individuals are racist.

The vote came as the House worked its way through its own fiscal year 2013 budget proposal, written by Budget Committee Chairman Paul D. Ryan. Republicans wrote an amendment that contained Mr. Obama’s budget and offered it on the floor, daring Democrats to back the plan, which calls for major tax increases and yet still adds trillions of dollars to the deficit over the next decade.

“It’s not a charade. It’s not a gimmick — unless what the president sent us is the same,” said Rep. Mick Mulvaney, a freshman Republican from South Carolina who sponsored Mr. Obama’s proposal for purposes of the debate. “I would encourage the Democrats to embrace this landmark Democrat document and support it. Personally, I will be voting against it.”

But no Democrats accepted the challenge.

Wow, this heading into an election and not one Democrat voted for Obama’s budget. Can you say the rats are fleeing the ship? The Democrats are in a pickle. No one is going to want to get near Obama’s coattails whether it has to do with the economy, jobs, the budget, national debt, gas prices or Obamacare.

Even RINO’s are Dissatisfied with Obama … Senator Olympia Snowe (ME-R) Gives Obama an ‘F’

A note to President Barack Obama, when RINO Senator from Maine Olympia Snowe Gives Obama an ‘F’, you have a real problem … Snowe said that if she had to grade the President on his willingness to work with Republicans, he would “be close to failing on that point.” Close Olympia? No, I think it is safe to say that he is failing. With a continued failing economy, poor job growth, record number of people on food stamps, unemployment above 8%, gas prices at near record highs and a record federal debt, it is safe to say Obama has been a failure.

If there were ever a Republican for President Obama to work with, it was Maine Senator Olympia Snowe. She was one of just three Republicans in the entire Congress to vote for his economic stimulus plan in 2009 and even tried to work with him on health care, but in an interview with ABC’s Senior Political Correspondent Jonathan Karl, Snowe makes a remarkable revelation:  She hasn’t had a face-to-face meeting with President Obama in nearly two years.

Snowe said that if she had to grade the President on his willingness to work with Republicans, he would “be close to failing on that point.”  In fact, Snowe, who was first elected to Congress in 1978, claims that her meetings with President Obama have been less frequent than with any other President.

Snowe stated that there is no leadership and it is no longer about policy, it is only about politics and reelection in Washington, DC these days. Olympia Snowe earlier this year announced that she will not be seeking reelection in 2012.

Although I have to take exception with Snowe’s that she believes that she is a traditional Republican …  “I represent what I think is a traditional Republican… a limited government, fiscal responsibility, strong national defense, individual freedom and liberty.” How could a Republican who believes in these ideals embrace or even discuss any of Obama’s  big government, globalism and loss of liberty positions?