by Dave Blount | July 28, 2014 2:56 pm
We were promised fundamental transformation. Where our standard of living is concerned, we certainly got it:
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.
At least the rich are getting richer, contrary to Obama’s Marxist rhetoric about income inequality.
The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 95 percent of the population had less wealth.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households.
Liberal politics is an alliance of the rich and the poor against the middle class. It is a war of eradication.
Not to worry. I’m sure crippling the power industry with insane regulations based on science fiction fantasies and ushering in a nearly infinite number of unskilled welfare colonists from the Third World will turn economic prospects right around for normal working Americans.
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