Study: American Households Hit 43-Year Low In Net Worth
from CBS News:
The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.
According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.
According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent. The “less than $10,000? figure includes the numerous households that have no assets at all, or “negative assets,” which is otherwise known as “debt.”
There’s Been A Staggering Collapse In Small Business Optimism Since The Election
Pretty intense Gallup poll showing massive collapse in small-business owner attitudes since the election. Note that small business owners tend to be pretty conservative, and were very anti Obama (HT: @dutch_book).
The press release is below.
U.S. Small-Business Owners Pessimistic Post-Election
Decline in optimism disproportionately driven by decline in future expectations
PRINCETON, NJ — U.S. small-business owners are pessimistic post-election, with the Wells Fargo/Gallup Small Business Index plunging to -11 in November from 17 in July. This is the most pessimistic that owners have been about their operating environment since July 2010, when the index stood at -28.
Kudlow: $268 Billion In New ObamaCare Taxes
Five new Obamacare taxes coming January 1.
Katie Pavlich with Larry Kudlow, Wednesday night. Beginning January 1, 2013, Americans get smacked with $268 billion in new healthcare taxes.
Those Fleeing Obama’s America: Prepare to be taxed
Senator Charles Schumer has recently proposed a new law to tax Americans heavily for leaving the United States. It was in reaction to the news that Eduardo Saverin, co-founder of Facebook, had renounced his American Citizenship and was taking his $2 billion dollars in capital gains with him.
Schumer proposed to tax him 30%. Sadly John Boehner, Republican, Speaker of the House (I still think he’s a disguised Democrat), said he would support the measure.
Schumer must thank Adolph Hitler for this idea. The Fuehrer instituted theReichsfluchsteuer tax of 25% on Jews leaving the Fatherland in the 1930s. So Herr Schumer has merely taken the basic idea and upped it by 5%.
The following are 10 signs that America is decomposing right in front of our eyes….
#1 As the economy crumbles, in many U.S. cities desperate people are increasingly resorting to violent acts in an attempt to survive. So far this year, violent crime in Washington D.C. has risen by 40 percent. Robberies at gunpoint have more than doubled compared to the same time period last year.
#2 But it is not just in the cities where you will find crazies. A recent Daily Mail article described a very disturbing incident which took place recently in North Dakota. Two crack-fueled perverts abducted and murdered a 43-year-old math teacher named Sherry Arnold….
Spell and Waters had left Colorado days before the crime claiming they wanted work in eastern Montana and western North Dakota’s oil fields.
After smoking crack cocaine over the entire trip, Waters allegedly told Spell the drug ‘brought the devil out in him’ and began talking about kidnapping and killing a female, AP reports.
After they spotted Arnold, Spell claims that Waters told him to ‘grab the lady’ and pull her into their Ford Explorer as she jogged by.
After they got Arnold into the car, they choked her to death and then buried her body in a shallow grave in North Dakota.
Why would anyone do something like that?
#3 Unfortunately, sickos will even be found working for the government. Just as so many of us feared, TSA workers are actually purposely selecting attractive women to go through the body scanners so that they can admire their naked bodies. The following are actual quotations from official TSA complaints….
-“I feel I was targeted by the TSA employee to go through the see-you-naked machine because I am a semi-attractive female.”
-“The screener appeared to enjoy the process of picking someone rather than doing true random screening. I felt this was inappropriate. A woman behind me was also “randomly selected.”
-“TSA staff ‘trolling’ the lines looking for people to pull out was unprofessional.”
-“I know he went to that room to see my naked body through the machine with the other guy.”
-“When I looked around, I saw that there were only women that were “told” to go through this machine. There were no men.”
One woman was recently forced to go through the body scanner three times because the TSA workers wanted to get a really good look at her “cute figure“.
Isn’t about time that we admitted that the TSA is a massive failure?
#4 The American people seem more depressed than ever. So are we the most depressed nation in the entire world? The U.S. has the highest percentage of women taking antidepressants of any country in the world, and kids in the U.S. are three times more likely to be prescribed antidepressants than kids in Europe are.
#5 The gang problem in the United States has never been worse. According to the FBI, the number of gang members in the United States has risen by 40 percent since 2009 and there are now a total of 1.4 million gang members living inside this country.
#6 Millions of other young people are not able to find jobs once they finish school and end up financially dependent on their parents. Today, record numbers of young adults are living at home. Many of these young people end up very disillusioned and very frustrated. Right now, more than 30 percent of all Americans in the 18 to 34 age bracket are currently living at home with their parents. That is not good news for the future of this country.
#7 All over America, criminals are becoming bolder and more desperate. The following is a report about one serial home invader from the Washington Post….
A housekeeper was tied up and sexually assaulted and a mother and teenage son were tied up during a home invasion in Bethesda early Wednesday morning that Montgomery County police say involves the same suspect as in a home invasion Tuesday in Wheaton.
As the economy gets even worse, home invasions will become even more common. You might want to learn how to defend yourself.
#8 These days thieves will steal literally anything. Each night in cities all over the nation more street lights are going out as thieves strip the copper wiring right out of them. In the San Francisco area, one very ambitious group of thieves actually swiped a copper bell that weighs 2.7 tons.
#9 One of the clearest signs that America is decomposing is the stunning decline of major cities such as Detroit. In response to my recent article about the death of Detroit, a reader identified as Bill posted the following….
Seeing what is happening to Detroit makes me want to cry AND scream.
I’m a native Detroiter myself – born in Harper Hospital on the east side & was one of those 2 million plus counted in the 1950 Census. I left Detroit in the early 70s for work reasons and had not gone back there since 1984.
When I drove through there on my way to Port Huron last September I “made a lap” around the city – got off I-75 downtown, made a loop around the downtown area (the 2 new stadiums look nice as does the RenCen) then went out Michigan Avenue to 12th and up through the 1967 Riot area to Grand River and out to the northwestern part of town where I grew up and went to school.
What a depressing trip. All my old haunts are gone, boarded up or burnt to the ground. The car dealer where I bought my first car (the old “Redford Rambler” on Grand River just west of Evergreen) is nothing but a slab. All the car dealers along the Grand River strip from Evergreen to McNicoles (6 Mile Rd.) are gone, the 16th Precinct Police Station at GR & Mc Nicholes is abandoned and the high school where my cousin graduated is all boarded up (Redford High School, across Grand River from the old police station). My old house on Lasher just north of Grand River is there but the stores in the area are all gone. One would think space aliens had come and taken all the life out of the area.
On that same article, another reader identified as “Disappointed” shared his thoughts on the decline of that once great city….
I worked in Detroit for a few years a while back. I was fascinated by the crumbling ruins, drove around to see a lot of them after work (a couple of times I drove through neighborhoods that I can tell you now I would not go near, even in the daytime). It was sad and fascinating at the same time. I would not even THINK of doing that now, it would be highly dangerous. I would not even work in Detroit now.
#10 But it isn’t just Detroit that is falling apart. This kind of thing is happening all over the country. A reader identified as Golden Child recently left the following comment on my website….
Much of America is like Detroit. America is rotting from California to West Virginia to Baltimore. It’s the same song across the United States. High unemployment, falling rent and or house prices, massive police lay-offs, giant spikes in crime accompanied by a rising cost of living and fewer job opportunities. Vallejo and Oakland, California are very much like Detroit. Vallejo ranked as the ninth most miserable city in America according to Forbes. Oakland and Vallejo have laid off nearly half of their police forces. You can get an apartment in Vallejo or Oakland for $200-600 a month although the median monthly rent in California is well over a thousand dollars with Bay Area rent being generally higher. There is a reason why rent is so comparably dirt cheap in those cities. San Francisco-Oakland-Vallejo collectively make up the car-theft capital of the United States. Northern CA cities like Oakland, Richmond and Stockton are regulars on the top ten most dangerous cities in America list. Baltimore, MD is also very much like Detroit with its thousands of abandoned rowhomes, high concentration of Black poverty, drugs and violence. Camden, NJ, East St. Louis, Gary Indiana are all no different from the D. Even large sections of wealthy world class cities like DC, NYC and San Francisco are impoverished quasi-third world hellholes. Southeast DC has the highest unemployment rate of anywhere in America despite the fact that DC is the richest city and metro in America. NYC has the widest income inequality gap of any metro area. Massive swaths of NYC are dangerous towering project buildings packed with working poor minorities. SF is home to some of the most sub-standard public housing in America in neighborhoods like Hunter’s Point, Sunnydale and Potrero Hill. America has been rotting from the core since at least the 70?s.
Sadly, this is just the beginning.
As the economic decline of this nation accelerates, people are going to become much more desperate.
And desperate people do desperate things.