WASHINGTON — 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 back in 1992.
The data represents one of the most detailed looks to date of 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.
Those findings underscore both the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has only seen a halting recovery.
“It’s hard to overstate how serious the collapse in the economy was,” said Mark Zandi, chief economist for Moody’s Analytics. “We were in freefall.”
The recession caused the greatest upheaval among the middle class. Only roughly half of middle-class Americans remained on the same economic rung during the downturn, the Fed found. Their median net worth — the value of assets such as homes, cars and stocks minus any debt — suffered the biggest drops. The wealthiest families, by contrast, actually saw their median net worth rise slightly.
Americans have tried to rebalance the family budget but have found it difficult to reverse the damage.
The survey showed fewer families are carrying credit card balances, and those who do have less debt. The median balance dropped 16 percent, from $3,100 in 2007 to $2,600 in 2010. The Fed also found that the percentage of Americans who don’t have any debt at all rose to a quarter of families.
But that progress was undermined by other factors, leaving the median level of family debt unchanged. The report said more families reported taking out education loans. Nearly 11 percent said they were at least 60 days late paying a bill, up from 7 percent in 2007. And the percentage of families saddled with debts greater than 40 percent of their income stayed the same.
Not only were Americans still facing significant debts, but they were making less money. Median income fell nearly 8 percent to $45,800 in 2010. The median value of stock market-based retirement accounts declined 6 percent to $44,000.
But it was the implosion of the housing market that inflicted much of the pain. The value of Americans’ stake in their homes fell by 42 percent between 2007 and 2010 to just $55,000, according to the Fed. The poorest families suffered the biggest loss of wealth from the drop in real estate prices. But middle-class Americans rely on housing for a larger part of their net worth. For some, it accounts for just over half of their assets. That means every step downward is felt more acutely.
Rakesh Kochhar, an economist at the Pew Research Center, calls this phenomenon the “reverse wealth effect.” As consumers watched the value of their homes rise during the boom, they felt more confident spending money even if they did not actually cash in on the gains. Now, the moribund housing market has made many Americans wary of spending, even if their losses are just on paper.
According to the Fed survey, that paper wealth — or what is officially called unrealized capital gains — shrunk 11 percent to about a quarter of American’s assets.
The findings track research Kochhar released last year that showed a dramatic drop in household wealth during the recession, particularly among minorities. That study found record high disparities in wealth between whites and blacks and Hispanics.
“It was turning the clock back quite a bit,” Kochhar said.
The Fed’s survey is conducted every three years. Although there have been some signs that the recovery has picked up steam — housing prices have begun to stabilize and unemployment has fallen — Fed economists said those improvements largely do not change the survey results.
“Recovery from the so-called Great Recession has also been particularly slow,” the report said.
Thanks George Bush. I am one step next to homeless because of the Bush Depression. Two Wars on credit cards and Banks that thought they were Casinos.
I wish Bush didn’t win the last election ;-)
You want to pretend that policy takes effect immediately?
retroactively, even. The people commenting are thinking the years are 2009-2012, but actually this report is about 2007-2010. Only one of those years was under Obama – the last one.
He did win the one in 2000, you remember, the one where he got less votes than Gore.
I remember the Republican Supreme Court gave Bush the election. Guess all the rant and rave from the far right that the Court is Political, YES, in favor of the Republican Party. This is the beginning of the end of America as we use to know it.
Wait, are you saying that giving those giant Bush tax cuts to “job creators” did not trickle down to the rest of us? You don’t say…..
Be thankful you are not homeless yet.
The unemployed need not apply eventually become the homeless unemployed need not apply.
Barry, you’re doing a heck of a job!
Ahhh Tom, Let’s review now…Bush ran up trillions of dollars for two wars on credit and foreign debt, outside of the fiscal budget, that accounts for 75% of the current deficit; Bush let New Orleans drown and hundreds of people die waiting for a WEEK for rescue while “Brownie” was doing such a good job; Cheney and unnamed energy “advisors” set US energy policy in private and the ConSupreme Court said we didn’t have any business knowing who the “advisors” were OR what the policies were; weapons of mass destruction was just a dream; lack of oversight and regulations from the Bush Administration caused US Citizens to lose trillions of dollars in investments, retirement, and home values; the Conservative right gained control of Congress under their “change” agenda, and the ONLY thing they have done so far is to oppress women, invade their bodies and take away their right to the freedom of control of their own bodies, attempt to kill the affordable healthcare act, try to hold on to the lack of financial regulation, deregulated environmental protections, and instituted laws that effectively suppressed the Constitutional right of LEGAL Americans to VOTE; and how about what was found at Walter Reed Medical Center, where our soldiers are sent for medical care when they are returned to the US after being maimed and injured, whose watch was that on? How about the worst eight years of job creation since the Depression, pretty sure the research shows that it was during Bush’s watch. Let’s talk about health care. How about the 200,000+ chronically ill adults and children were tossed off the insurance policies they had already paid for, and who died as a result of it? Legalities? There was that time when the ConSupreme Court stopped a legal recount and declared Bush President. Let’s see, Bush decided he didn’t care to keep looking for Bin Laden, hell, he had him in his sights at one point and he missed. Then there’s those pesky trade and outsourcing policies that Bush embraced that sent 6 million jobs overseas, the violations of the Geneva Convention where they tortured prisoners of war, the billions of dollars in cash that just disappeared into Iraq…Let’s review the surplus and the balanced budget that was in place when Clinton left office… it hurts to even think about it never mind review it all…
How can it be that the current President hasn’t fixed all this in less than 4 years, with a dysfunctional, divided Congress who would rather see him drop off the face of the earth before they would even participate in any discussion that even has a HINT of compromise in it?
I say we will find out come November whether the new president is Mr. Obama or the “bendoverandsmile” guy you all are being forced to accept as your new best friend.
Tata until then! :)
Is Obama writing into the BDN now?
They haven’t lost that thrill running up their collective legs.
That was EXCELLENT!
Rewriting history is so much fun! Can you rewrite the Obama history too while you are at it and make him the great president you believe him to be? Wait a minute! The media does that every day!
RonPaul2012
see video link
http://www.youtube.com/watch?v=HTDYHAyWR7A
Ron Paul wants to open Fort Knox to see whats in it.
To tell you the truth I dont want to know.
When people find out there is nothing in it all He11 will break loose!
Think about it, there are to many gaurds there for it to contain gold, the lie however warrants such security.
He is if you call that job overseeing the ruins of America left behind by GWB.
The three years they are talking about were 2007-2010. The housing bubble began to burst before that, put ordinary people began to feel it in 2007 and it culminated in the crash of 2008. Most people with investments lost about 25% in a few months in 2008, I know I did. Housing prices have continued to plummet waiting for the bottom of the foreclosure inventory. Obama did not oversee a budget until 2010. GOP have consistently blocked any attempt to help ordinary people out of this morass. So if you think this is Obama’s fault you are either ignorant or just so happy to blame stuff on him that facts have no meaning for you.
Good post Betty!
When presented with actual researched facts, the common response from the “new right” is to make some inane, pithy comment rather than have an honest debate, as noted by Mr. Carter’s response. They just play to their crowd and yell louder to try and influence the crowd to go back to the talking points espoused by their heroes.
The lack of anyone watching/ researching/acting to alleviate the crisis when it started has led to where we are today. Congress failed to act in the interest of the people who elected them and they continue to fail to act in our best interests. They are paid by ALEC and corporations to act as they do. When you combine that with our failure to ensure that the fox couldn’t get into the henhouse in the first place, we get to where we are today.
It’s so much easier to amplify lies rather than do the work of the people, to turn neighbor against neighbor, to use the current crisis to advance their agenda by using people who have forgotten or were not taught that we are all in this together, to toss civility out the window, than it is to sit down together and figure out where it went wrong and ensure that it never happens again.
Thanks George W. Bush.
Thanks deregulation of banks.
Deregulation was Clinton…
Deregulation was Reagan………..
You’re both right.
Bank deregulation in particular: he signed the repeal of Glass-Steagall
Reagan started it…………….
Whatever that means. The legislation I’m referring to was crafted and passed by congress during the Clinton administration and then signed by Clinton. Blame Reagan if you want.
What do I blame Reagan for? Increasing the payroll tax beyond what was needed to fund current costs and using the proceeds for defense spending while promising workers that this $$ was going into a trust fund. Biggest scam in history, and we’ll be paying for it over the next several decades…
———-
Deregulation was pushed by a Republican Congress by repeal of Glass Stegal onto Bill Cinton and the fool bought into it!
You know, Bill Clinton the Globalist!
I didn’t see his Follower try to fix that with More Regulations did you? Or am I missing something!
Oh! Yeah! Democrats did with Dodd / Frank and the Republicans want to destroy that one next!
Oh please, forced? Clinton had the veto pen: he could have used it.
My point is there is plenty of blame to go around for the banking crisis: it isn’t a Dem/Repub thing.
NO, but it is a conservative thing.
Bill Clinton the conservative…who knew?
Anyone who was paying attention and did not have partisan blinders saw that he did a number of conservative things (like deeply cutting federal welfare) in order to work with the GOP house (back when they were slightly less ridged than they are now)
Some, not all.
Thank You George Bush.
Spot on…good reporting Bangor News…
I don’t think “drop” is the correct verb. The wealth bubbled up towards the few.
Redistribution upwards… absolutely… Not surprising the rightwing apologists at the WaPo frame this story so wrongly.
Right, check out the oddity in 2004-2007 where the mean grew significantly but not the median.
Know what that means? the weath of a few grew enormously while the rest noticed no change.
Actually I might attribute that oddity to when the ignorant middle class/low income class, with help from Freddie and Fannie, used thier homes as ATM’s and fueled the economy artificially…
And you would be wrong… not about middle and lower income people being over-leveraged, but that is what had anything to do with the rich getting so much more richer than all of the rest of society.
Let’s face it, America is in total freefall and the fall is being led by its middle class. There will be no rescue from this economic collapse because the traditional rescuers (the middle class) can’t do it this time. That’s why this economic armageddon goes on and on. The plan is to further cut police, fire, and teachers in middle class communities. Ask how many cops, firefighters, and private school teachers have been cut in wealthy communities. Check the internet and see if sales are suffering at Saks, Prada, or Escada. Mitts plan is to give more tax cuts to the rich, subsidize rich oil companies more, and cut gramma and grampa’s medicare and social security, and create an America that is a third world country within a country. The top twenty percent in America own 93% of its wealth. They want that last 7% and are coming after it.
This cannot be true according to the Tax Assessor and County Commissioners in Polk County Ga. My home value just increased by 32,000 dollars in one year. It is wonderful news from these crooks. I believe the author of the article has hit the the real factors spot on. Governments of all levels are the reason middle class wealth has declined and will continue to decline.
BS. I guess you didn’t notice what Wall St was up to for the last decade, fleecing state and municiple govts, investors, mortgage holders, each other. I guess you didn’t notice what $1.8 trillion in tax cuts, overwhelmingly to the highest earners did to strip govt “of all levels” of revenues. I guess you didn’t notice the two or more wars that were draining trillions of dollars of wealth out of the economy, redistributing it to defense contractors, taking it away from State and local governments. I guess you don’t know the history that shows that from 1945 to 1979 the economy grew with ALL income levels rising together, everyone benefiting from economic growth, but since 1979 middle class incomes have been flat or have fallen, the elite’s income increasing by nearly 300%. How did you miss that FACT? REALLY? HOW? I guess you didn’t notice that since 2009 and the start of the economic recovery 93% of income gains went to the HIGHEST EARNERS…
You know something? There is a really great school in Athens. My bro-in-law works there… called the University of Georgia… Take some classes… You are missing a lot of what is going on with your anti-gummit BS.
I see your point, and bugswatter1 also. Something tells me you also need to go back to school. Perhaps you could take a class that discusses sarcasm in literature.
Would love to… can’t afford it…
Anti-gummit, anti-tax BS is destroying the social fabric of this country. I’m all for efficient, non-wasteful govt, and the lowest taxes necessary to maintain efficient govt, but this meme that govt is the problem not the solution is not only false, but dangerous. It was a lack of oversight by govt that contributed to the greed and hubris that very, very nearly caused a second Great Depression. Ignorance is not strength.
You funny!
btw, reproof warranted and accepted…
Why is someone in Georgia commenting on the BDN? Pay-to-post’er perhaps?
Unregulated capitalism naturally cycles through boom and bust periods. The purpose of effective regulation is to smooth out the peaks and valleys while enabling growth. As I’m sure many of you recall, our current deregulation started under Reagan. A few years later the Savings and Loan collapse occurred. But then, like now, the government rushed in to limit it’s effects. Don’t get me wrong, Reagan was probably correct as some deregulation was probably required to loosen capital and spur growth. And the problem has not been an “all Republican” phenomena. The Democrats participated too.
The role of government should be to balance the system. I believe Reagan was trying to do that as the controls were affecting our ability to grow the economy. Unfortunately, since then our government has not had the goal of optimizing regulations to enable maximum growth without creating systemic vulnerability. They have been on a deregulation binge with little concern for managing risk. And we are now suffering the hang over. The real question is do we understand “drinking” in excess leads to future hangovers, or are we just going to do it all over again.
For me the worst part is that few seem to see (or care?) about what actually happened and why. It’s sad to see the political system fight for extremes of policy without truly attempting to address the real need (effective risk management). Neither extreme of policy works – too much regulation results in stagnation; too much deregulation leads to boom/bust cycles. We all should be holding our government accountable to optimize the controls system and manage risk vs. supporting some extreme ideal that will result in short term gains for one side or the other. But, like so many comments in this forum, the rational center seems to have so few supporters.
Very well put.
Perhaps we need a few amendments that redirect the Constitution to be an instrument “By”, and most importantly, “For” the People rather than pandering to commercial interests. It’s gotten so bad now that corporations are considered citizen entities and influence our Congress. Outrageous!
Well put, I’ll agree, except for what you depict as our hang over… We are still very much in the sauce, under the table as far as the extent of the drunkenness is concerned. And careful analysis of the current crisis is quite clear that our present state is NOT the result of a normal boom and bust cycle. Fundamental changes to our regulatory structures and banking and investment markets are largely responsible, not a traditional boom and bust business cycle.
And it has been the Republican side of the aisle lately that has dominated efforts to make meaningful reforms impossible to achieve, aided by a media intent, it would appear, on dumbing down the debate to anti-gummit, anti-tax arguments that miss the point entirely.
It is very true that since Reagan both parties have adopted laissez faire policies that contributed to seriously ineffective, in some cases, non-existent risk management. The $13Trillion derivatives market, even larger than the traditional commercial banking credit market, has operated at enormous risk and continues to do so to this day. Proprietary, opaque, obscenely leveraged private deals and bets introduced, and continue to introduce, extreme risk to unwitting investors and the public. Privatizing profits and socializing risks underpins the STILL too big to fail banks, while the same philosophy infects so many other aspects of our predatory “free market” economics.
Health care: private insurance markets are favored as the “free market” solution but those that fall through the cracks either fall on society for care, go bankrupt, another drag on society, and become homeless or find a convenient bridge to jump off of. The profits go to the executives and shareholders, society foots the bill when a good or service is fundamentally unsuited to be privatized. THAT is squeezing the middle class much more than “gummit…”
Environment: regulation keeps industry in check… or ought to, until regulation is flaunted, ignored, regulators underfunded to keep them from effectively regulating, rules manipulated… the public foots the bill in many, many ways.
Lack of transparency to true costs: the true costs of tobacco use, of petroleum use, of over-processed foods full of empty calories, genetic modifications untested except in the uncontrolled, mass experiment on society in the US… none of these business initiatives are examined as to their true costs to society. The profit is privatized, the risks associated are largely socialized and borne by the public and society at large in many wasteful ways.
The effect is a decimated middle class and all the instabilities such rampant inequalities generate. Lack of government oversight has allowed much of this to happen.
I think we are saying much the same thing. That is, government has largely abdicated its responsibility to manage risk by creating effective regulations. What I fear most is politicians, in an attempt to satiate people’s instant gratification need around employment and growth, might adopt or even extend the same irresponsible policies that led to the last round of artificial growth. Effective regulation is not an oxymoron. It is the fundamental goal of an effective government. If our politicians do further deregulate in an attempt to stimulate the economy it could well result in another collapse. Unless that recovery lasts long enough to pay off our current debt, the next time the bubble bursts (God forbid) the US might not be able to afford to take on the necessary amount of bailout debt. And that might well result in the very economic total collapse (depression) that the last two bailouts (S&L bailout and Too Big To Fail bailout), painful as they were, avoided.
The political “center” is so far right these days, it is not clear without careful consideration what the rational center is anymore.
You don’t live in Fryeburg by any chance, do you…?
Be thankful that we only have a few more months of the Obama/Pelosi/Reid reign of terror to deal with. What they have done to our country since taking over in 2007 has been nothing short of embarrassing. We are all witnesses to the end of the American style European socialism experiment and the end of the modern Democrat party. Once Romney is elected, the economy will skyrocket without having to pass a single new law. The collective exhale of small businesses and corporations alike will bring about millions of jobs by the end of 2013. Future generations will laugh about Obama like current generations laugh about Carter. To quote Bill Clinton: “The era of big government is over”.
ahahahahahahahahahahahahahaha!
That was funny. Thank you.
Yeah, people laughed when we said electing Obama would cause us to have a European style economy too. How is that Hope and Change working?
How do we have a European style economy? You do realize that taxes are historically low in this country right now and that wealth distribution is historically unequal, AKA, the opposite of socialism. We were WAY more “socialist” in the 1950’s and 1960’s than today, and its not close.
High unemployment, limited prospects, little to no growth – all aspects of European countries for the last 20 years.
Your knowledge of “european-style economies” is obviously quite tiny.
Yeah. Real funny and sad but oh so true. Tough to hear huh?
Tough to hear in the same way the disjointed, nonsensical rants of crazy homeless people are tough to hear.
Everyone who wants to come on here and blame one president or another needs a serious wake up call. The problem is much wider than that, and it is not limited to political party. Corporations have politicians in their pockets. How do you think you even know about candidates unless they have financial backing? They pretty much have to sell out just to get their name out there. Members of Congress spend anywhere from 25% to 50% of their time on Capitol Hill fundraising, almost from the day they set foot into office. Look at the Farm Bill. We spend a mind-boggling amount of money on corn subsidies to produce cheap corn. Corn is used to make ethanol, which is a net energy loss and damages our vehicles. The farmers do not benefit from this, big agribusiness gets cheap feed for their cattle, pigs and chicken factories. The animals lead such miserable and tortured lives that if you treated a dog the way agribusiness treats a pig, you would do jail time. Corn is in nearly EVERYTHING at the grocery store. It is making us sick and fat, and then we have multi-billion dollar industries for both health care and weight loss. It makes no sense to subsidize corn production, it is financially ruining us as a country, yet we still do it. Why? Because agribusiness (among other corporations) own our politicians. You want to know why the middle class is disappearing? This is JUST ONE EXAMPLE.
MONSANTO!
One, a big one, among many… Of the top 100 economies in the world, over 50 of them are multinational corporations. Can you say oligarchy, or corporatocracy?
Monsanto is scary. They genetically engineered seeds and then got a patent on them, so you have to buy their seeds in order to grow them. The bad part is…if your neighbor uses Monsanto seeds and they blow onto your property – you are considered to have infringed upon their copyright. Monsanto can and does sue farmers who never wanted their seeds in the first place. Not to mention that they own over 90% of the soybean seeds in America. It won’t be long before farmers are pretty much owned by Monsanto.
Nice angle on that one, I don’t blame the Corporations as much as I blame the Gov’t for taking the money that is offered. Every Corporation has a responsability to maximize shareholders weath…
Housing collapse significantly the responsibility of the greedy banks and credit default swappers on Wall Street – innocent Americans lose; none of the criminal bankers responsible indicted. Republican led agenda to totally dismantle worker unions in the U.S. – innocent Americans get minimal pay increases (if any), get much lower starting wages, systematically lose hard earned benefits; greedy corporate America reaps the $ benefits. But oh no say the Mitt Romney’s of our time – we cannot ask multi-millionaires to pay a bit more of a fair share in taxes, we cannot take Wall Street and the banks to task for decimating our financial system, we cannot penalize corporations who ship good paying American jobs off our shores. And the average Joe and Joanne’s slip further and further.
How’s Obama working out for you now?
Ayn Rand was an insane person.
And Alan Greenspan a long time friend and associate of Rand… And folks wonder why Wall St greed nearly brought down the entire global financial system, and OWS was able to change the conversation in this country to inequality in income, wealth, and opportunity.
Better than John Galt ever has, thats for sure.
Lookee what happened in 04-07. Mean income went WAY up, while median income declined a bit. Seem odd? Well, that essentially means that some folks at the top saw their incomes increase enormously while the rest of us saw little or no change.
Very telling.
Free money, thanks Obama
Said in the voice of Eddie Murphy’s old Buckwheat character from saturday night live : “WELCOME TO OBAMANATION”
This stiff has had 3 1/2 years and what has he done? Tripled the national debt and crammed goverment health care down our throat ! Remember in November and make him a one term POTUS
You would do well to turn off your tv and do some reading up there, bucko… Tripled national debt…? give me a break… government health care….? huh? (He finally set up a Single Payer system, like around 60 to 70% of Americans want him to do, and I missed it?) Where do you reactionaries come up with this bs? Oh yeah, hannity, o’reilly, faux (makes you dumber) news, savage, limpdaug… You certainly didn’t get it from analyzing reports from the Fed, GAO, CBO, Bureau of Labor Statistics, the Treasury… Try again, bucko…
Yeah, things are going so well that we should give Barry another term to keep the momentum going. Don’t stop all that promised hope and change, civility and transparency that is surely just around the corner. Unemployment is under control too right? No worries. Inflation? What inflation? More quantitative easing coming right up! Free healthcare? As I recall the number was $2900 a year that each family was going to save under Obamacare. I have the deposit slip all made out. I am looking forward to that savings if the Supreme Court doesn’t unhold the constitution and throw the whole thing out.
Poor Barry. It’s not his fault though. George Bush is to blame and everyone knows it. Having to look at Bush’s new portrait every day must be particular vexing to the annointed one. And to have him come back to the White House and sound so funny and intelligent. Awful. Just awful.
39 percent is a hefty number. Hopefully people will remember that number when they vote this November. 1/20/2013. End of an error. NOBama 2012.
Give me a break, Harry. Do you really think a sitting president has so much power and influence over so large and integrated an economy? Can’t imagine how you think that…Hard to imagine people know so little about how policy effects play out… You would do well to learn about it…
So why then at every turn is our sitting president blaming the last one? If he is the CEO and our country is going down the tubes why should we contract him for another four years?
Hard to imagine people know so little about how policy effects play out… You would do well to learn about it… Educate yourself, man… try being more objective, less gullible, fairer in your analysis… it will work wonders in your thinking.
You didn’t answer the question so I presume that you don’t know the answer. Thank you.
Your question is ridiculous. Obama doesn’t at every turn blame Bush. Try being objective and honest… it will help your thinking immensely.
The plain facts, Harry, are this recession STARTED in the Bush Admin, after 8 years of a Bush admin, after 8 years of tax cuts, rules changes, the growth of a shadow banking industry that put the entire global financial system at risk with secret, private, grotesquely over-leveraged deals… ALL ON BUSH’S WATCH… Obama had little to do with it… Get over it, man…
Ah. Tomorrows speech by Barry will be blame Bush. Count on it. I see you have the same blame Bush disorder. Hope you get over it, man.
Do you really believe Mitt can just Etcha Sketch it all away?
Yup and John Boener and the Tea Party Thugs voted against every jobs bill Obama proposed. The Republicans want America to stay in the Bush Depression, that Bush started 8 years ago.
You never ” will ” know what he did with Your Sunglasses on at night and your fingers stuck in your ears!
Thanks to the democrats with there tax and spend policies I am worthless than ever.
George W. Bush spent billions of dollars of war–and not only did not raise taxes, but slashed taxes for the ultra-rich. He spent while purposefully DECREASING revenues. Spend like a drunken sailor but don’t tax was his motto. It brought the US to the brink of Depression II.
He did this on purpose to set up a crisis in which we would have to slash social programs to stay afloat.
“It was George Bush’s Fault” isn’t going to get your boy another term. Not with the staggering evidence of his own malpractice and incompetency stacked up like cord wood before winter.
Don’t know much about Europe , do you, tag?
I voted for hope now I need a change!
I hope that finally all of you that turned your noses up at the “Occupy Movement” can finally understand and see the numbers clearly in black and white…the middle class is hurting so bad that they just cannot be the safety net for the country’s economy any longer. The Rich are going to HAVE to start giving some of the wealth back where it belongs, or eventually you will have nothing left but the Wealthy and the people on welfare. Enough is Enough, and i truly hope that some of the many posters that have constatntly critisized on here about taxing the rich, can accept how wrong they were and admit it…I am very doubtful they ever will, mostly because they only care about themselves.
I don’t support Occupy because Hannity doesn’t like Occupy and Hannity looks like a guy I could have a beer with. That’s also the single criterion I use for voting.
This is exactly what occupy was trying to say those many months ago.
Wow. Both to the article, and all of these comments. Can someone pass the popcorn, please?
Just relax everyone..Obuma says everything is “just fine”…
ROMNEY 2012
Even the left leaning news media can’t ignore this abomination of an administration. Watched a CBS news piece last night on the economic crisis and it’s impact on families. I kept waiting for the bit that excused Obama and his administration. It never appeared. I wonder why?
Have to agree………When CBS airs anti Obama ads you know somethings wrong.