Most Americans Poorer Than Before Recession

Cannot tell if this is good news or not, but, in 2013 dollars, the wealth of middle class is below where it was before the recession:

The Typical Household, Now Worth a Third Less: The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation.

This could be good news because the top 1% are getting, deservedly, all of the gains in wealth for the economic value these individuals create. Before 2008, we had a wage and job glut of too any people being overpaid to perform redundant work in obsolete or dying industries. Too many homes were built, too many financial services jobs, etc. Even better news is credit standards for mortgage applicants have gotten considerably more stringent, which is great for landlords as rents have skyrocketed due to huge demand from people that, a decade ago, would have otherwise been homeowners. So as the middle class may be getting squeezed, this is helping the economy in many ways, by forcing them to spend.

Some are blaming Obama, but we would still have record inequality and the usual pain at the pump and lack of good jobs under two terms of McCain or one term of Obama and Mitt Romney. The stock market and real estate markets, however, would post even stronger gains under a republican because of lower taxes and less regulation. Your best shot at getting rich is to get that STEM degree, buy Bay Area real estate, buy stocks or create a viral app.

The ownership society that Bush spoke about is still thriving, we just need better president and less class warfare. Silicon Valley and Wall St. is still capable of creating immense wealth, as much as the libs want to take it all away.

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