Tuesday, February 17, 2009

Building Wealth

We aren't:

Last week the Federal Reserve released the results of the latest Survey of Consumer Finances, a triennial report on the assets and liabilities of American households. The bottom line is that there has been basically no wealth creation at all since the turn of the millennium: the net worth of the average American household, adjusted for inflation, is lower now than it was in 2001.
Perhaps this is a contributing factor to the broad support for the economic stimulus package, no matter what conservative knuckleheads say.

And passing the stimulus package probably has something to do with Congressional approval ratings shooting upwards. That is what happens when you address what is happening in the actual world that people live in.

1 comment:

Brian Rules the World said...

But wait Jim, when you put it this way, how can we blame the current recession on both Clinton and Obama and at the same time cast Bush as a champion of the people?

Yeah, if the right-wing talking heads didn't already ignore pesky little things like facts, this would give them a real headache...


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