According to the report
, which adjusted figures for inflation, the average American family saw their net worth drop 40% between 2007 and 2010 from $126,400 to $77,300.
What makes the report more troubling is the notion that the economy continues to decline with bad news coming from nearly every economic front at home and abroad.
The report shows a shocking decline in the average net worth of U.S. families occurred during a period of time that President Obama claims credit for an economic recovery that added millions of jobs. His claim that millions of jobs have been added to the economy is pure political fantasy. The economy is hemorrhaging jobs, public and private, especially good jobs, at a faster rate than it is creating them. Created millions of jobs? Really, Mr. President?
The recovery that supposedly began in 2010 has at best stalled, and at worst it never occurred. Recent staggering jobs reports coupled with rising unemployment don’t lend credence to the administration’s theory of an ongoing economic recovery but instead suggests we are on the brink of a double recession. This latest report highlights the overwhelming economic losses taken by the middle class.
Those living on government assistance, managing from week to week, or living in extreme wealth will not be able to buy enough cars, houses and major goods to spark an economic recovery. Middle class Americans, having already lost 40 percent of their “wealth” in the last recession, need to be free of excessive regulation to start rebuilding our economy. Recovery is going to be a long, hard slog, but slog we must. Cheesy slogans like “forward,” and “change we can believe in” won’t cut it in November.
Likewise, Mr. Romney needs to share his economic vision for America with as much detail as possible. Running a campaign based on illuminating the failures of the current occupant of the Oval Office won’t be good enough.
The American dream has become more like a nightmare for too many middle class families. The economy will sink at about the same rate as the middle class, which is why the Federal Reserve survey is so troubling. Meanwhile, election season is just starting to heat up, assuring a steady stream of propaganda from all sides. But what can no longer be disputed is the ominous howling of economic winds that threaten to take down the American economy.
Our leaders must resuscitate the American dream, not smother it. When it comes to economics it’s the public sector that can’t survive without the private sector – and the private sector is certainly not doing “fine.”