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WH: Only 45% Of Wealth Recovered Since Crash

From the Daily Caller:

Economy has only half-recovered from 2008 crash, admits Obama report

By Neil Munro | September 15, 2013

Less than half of Americans’ per-capita wealth that was lost in the government-boosted property bubble has been recovered by mid-2013, says a new White House report that is intended to help President Barack Obama trumpet his economic accomplishments.

“Adjusted for inflation and population growth, only 45 percent of wealth lost during the recession has been recovered, and many of the hardest hit households did not benefit as much from the rebound in [Wall Street] financial assets prices,” the report admits.

The 49-page report cherry-picks favorable economic data to justify its claim that “America has fought our way back … thanks to the grit and resilience of the American people.”

But the report, titled “The Financial Crisis: Five Years Later,” ignores diverse data sources that show many or most Americans are worse off today than on  Jan. 20, 2009, the day Obama was inaugurated.

Obama is scheduled to make a Sept. 16 appearance in the White House’s Rose Garden to mark the five-year anniversary of the Sept. 2008 bankruptcy of Lehman Brothers investment firm, which collapsed after it over-invested in shaky mortgages during the government-inflated bubble.

A collapse that Chuck Schumer and the rest of the Democrats helped bring about, in order to win in November 2008.

Obama “will be joined on-stage and in the audience by people that have benefited from his economic recovery proposals over the last five years including small business owners, construction workers, homeowners, consumers and tax cut recipients,” said a White House statement.

But Obama’s economic report has so many gaps that it fails to mention today’s unemployment rate, or even the 20 million Americans who are unemployed or underemployed.

The report does declare that “over the past three and a half years, our businesses have created seven and a half million new jobs.” But the population also has grown 7 million, from 306.8 million in 2009, to 314 million in 2012, partly through the arrival of roughly 5 million immigrants.

The report doesn’t mention the word “immigration,” even though Obama has repeatedly endorsed a draft immigration rewrite that would legalize around 33 million immigrants over the next 10 years, according to various estimates. That’s equal to roughly three new immigrants for every four American births.

The report doesn’t mention “salaries” or “wages,” even though they have dropped for nearly all Americans since 2009.

It doesn’t mention “inequality,” which has risen since 2009, because the top 1 percent of income earners have accrued nearly all income gains since 2009, according to a recent study by University of California economist Emmanuel Saez.

The report doesn’t mention “ratio,” or “workforce,” partly because roughly six million Americans have quit looking for work. The drop is seen in the data about the ratio of Americans in the workforce, which has dropped from 65.7 percent in January 2009, to 63.2 percent in August 2013. That’s the lowest rate since 1979.

It doesn’t mention that Obama boosted the taxpayers’ accumulated debt by $6.5 trillion, but does say that “our [annual] deficit has fallen by 50% since the President took office.” The debt owed by the taxpayers rose by $3 trillion under President George W. Bush.

Roughly six percent of debts held by American households are in delinquency, compared to 3 percent in 2006, says the report.

The report doesn’t mention the Supplemental Nutrition Assistance Program, or food stamps, even though enrollment in the program has dramatically increased over Obama’s tenure, from 28 million recipients in 2008 to 47.7 million recipients in June 2013

The report, however, insists on optimism.

“We’ve cleared away the rubble from the financial crisis and begun to lay a new foundation for stronger, more durable economic growth,” it says on page three.

Which will begin any day now.

“We need to keep building on that foundation by focusing on the cornerstones of a strong, secure middle-class life: a good job, a quality education, a home of your own, affordable health care when you need it, and a secure retirement,” it insists.

“That’s the conviction that has driven President Obama since he first ran for this office – that our economy works best when it grows not from the top-down, but from the middle-class out – that we are stronger when everyone who works hard has a chance to get ahead,” it concludes.

Thankfully this is not a propaganda piece for the regime. The White House would never offer up a report like that.

This article was posted by Steve on Monday, September 16th, 2013. Comments are currently closed.

2 Responses to “WH: Only 45% Of Wealth Recovered Since Crash”

  1. captstubby says:

    all your favorites are here,

    Happy Days Are Here Again Lyrics
    from The Essential Barbra Streisand

    The Essential Barbra Streisand Other Album Songs
    14 What Are You Doing The Rest Of Your Life?
    15 The Way We Were
    19 My Heart Belongs to Me
    20 You Don’t Bring Me Flowers
    21 The Main Event
    22 No More Tears
    24 Guilty
    25 Comin’ in & Out of Your Life
    26 Memory
    27 Papa, can you hear me?
    28 A Piece of Sky
    29 Putting It Together
    30 Not While I’m Around
    31 Send In The Clowns
    32 Somewhere
    33 All I Ask of You
    34 Children Will Listen
    35 As if We Never Said Goodbye
    37 Tell Him
    38 I’ve Dreamed of You
    39 Someday My Prince Will Come
    40 You’ll Never Walk Alone

    Happy Days Are Here Again Lyrics

    So long sad times, go long bad times
    We are rid of you at last
    Howdy gay times, cloudy gray times
    You are now a thing of the past

    Happy days are here again
    The skies above are clear again
    So lets sing a song of cheer again
    Happy days are here again

    Altogether, shout it now, theres no one
    Who can doubt it now
    So lets tell the world about it now
    Happy days are here again

    Your cares and troubles are gone
    Therell be no more from now on, from now on

    Happy days are here again
    The skies above are clear again
    So lets sing a song of cheer again
    Happy times, happy nights
    Happy days are here again!

    Read more: Barbra Streisand – Happy Days Are Here Again Lyrics | MetroLyrics

  2. wirenut says:

    Thank’s Capt’s. The Barb, should have sang. ‘Somebody To Watch Over Me’. HAW!

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