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Thread: Pew: 93% Of Households Lost Net Worth 2009-11

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    Pew: 93% Of Households Lost Net Worth 2009-11

    usatoday tuesday, an ap story

    The richest Americans got richer during the first two years of the economic recovery while average net worth declined for 93% of the nation's households, the Pew Research Center said Tuesday.

    The Pew report says wealth held by the richest 7% of households rose 28% 2009 through 2011, while the net worth of the other 93% of households dropped 4%.
    Pew says the main reason for the widening gap is that affluent households have stocks and other financial holdings that increased in value, while the less wealthy have more of their assets in their homes, which haven't fully regained their value since the housing downturn.

    The upper 7% of households owned 63% of the nation's household wealth in 2011, up from 56% in 2009, said the report, which analyzed Census Bureau data released last month.
    Pew: 93% of households lost net worth 2009-11

    the top 7% are 8 million households, whose avg worth grew from 2.5M to 3.2

    the rest of us 93 are 111 million strong, we own 134K but we used to sit on 140

    the rich are 24:1 bigger than us, 18:1 in 09

    that's net worth

    look at incomes

    october: Under Obama, Poor, Middle Class Incomes Fall Sharply, Rich Get Richer - Investors.com

    and wages? the la times reported in august that 58% of the way too few jobs created in the "obama recovery" pay between 8 and 12 dollars per hour

    Majority of new jobs in recovery are low-paying, study finds - Los Angeles Times

    who's lying to you?

    are you sure this guy knows what he's doing?

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    Quote Originally Posted by The Prof View Post
    the rich are 24:1 bigger than us, 18:1 in 09
    that's net worth
    look at incomes
    I've got a better idea: Let's look at the GINI Coefficient, which is the international measure of income inequality.



    Wow, it looks like the increase in inequality dates back to the mid 1970s. Whatever is causing it -- most likely tax breaks for the wealthy -- it sure looks like a long-term trend. Shocker.

    In terms of the recent shift: The wealthy own stocks, the less affluent own homes -- which spent a long time sliding in value, and are finally starting to rebound. Inequality actually dropped briefly due to the recession, and is now back on the rise.


    are you sure this guy knows what he's doing?
    Yep. Especially since:

    • We aren't dealing with 25% unemployment and a deflation, which could have happened (though Bush 43 does deserve credit too)
    • He hasn't been able to enact quite a bit of his agenda
    • The alternative (austerity) really doesn't work
    • In addition to dealing with the worst economic climate since the 1930s, we're dealing with long-term trends such as Baby Boomers retiring, an economic transition away from manufacturing, the rise of China, etc etc
    • No president can snap his or her fingers and fix the economy overnight

    E.g. It took Reagan the better part of 3 years to turn around unemployment; Bush 41 failed to turn around the economy after the S&L crisis, and was thus shown the door.

    So no, no other president or candidate -- not even Reagan -- could wave a magic wand and make the real estate market recover, or give households back their lost net worth, or stop an economy transitioning from manufacturing to services, and so forth. It doesn't work that way.

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    a better idea
    is to see net worths and incomes increase

    not equality of outcome at the cost of progression

    The recession that ended three years ago this summer has been followed by the feeblest economic recovery since the Great Depression.

    Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.

    Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower.

    More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.

    America’s gross domestic product — the broadest measure of economic output — grew 6.8 percent from the April-June quarter of 2009 through the same quarter this year, the slowest in the first three years of a postwar recovery. GDP grew an average of 15.5 percent in the first three years of the eight other comebacks analyzed.

    Consumer spending has grown just 6.5 percent since the recession ended, feeblest in a postwar recovery. In the first three years of previous recoveries, spending rose an average of nearly 14 percent.

    The economy shed a staggering 8.8 million jobs during and shortly after the recession. Since employment hit bottom, the economy has created just over 4 million jobs. So the new hiring has replaced 46 percent of the lost jobs, by far the worst performance since World War II. In the previous eight recoveries, the economy had regained more than 350 percent of the jobs lost, on average.

    Never before have so many Americans been unemployed for so long three years into a recovery. Nearly 5.2 million have been out of work for six months or more. The long-term unemployed account for 41 percent of the jobless; the highest mark in the other recoveries was 22 percent.

    Adjusted for inflation, wages have fallen 0.8 percent. In the previous five recoveries —the records go back only to 1964 — real wages had gone up an average 1.5 percent at this point.
    Economic Recovery The Weakest Since WWII « CBS

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    I find it a bit ominous that they (the USG) even has this information. How do they know what I'm worth? Did they scan my bank accounts, value my car, list my real estate, check my credit card balances, review any loans I might have and then use that information to average me out with all you guys. Where is all that information? Of course, they know what we earn (unless we don't tell them) but all the rest of this data?

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    Much of the original analysis in this report is based on published tabulations of household wealth and asset ownership by the U.S. Census Bureau. Estimates of the 2011 level and composition of household wealth were released by the Census Bureau on March 21, 2013. The data can be downloaded from here. The Census Bureau’s wealth tabulations are based on its long-running longitudinal household survey called the Survey of Income and Program Participation (SIPP). The Census Bureau has published comparable wealth tabulations based on SIPP since 1984 (the data were collected in 1984; the report publication date was July 1986). SIPP is among the nation’s most prominent sources of data on the wealth of American households. The Board of Governors of the Federal Reserve System also publishes periodic estimates of the aggregate net worth of the nation’s households and nonprofit organizations. The most recent Federal Reserve System estimates are for the fourth quarter of 2012. However, these “flow of funds accounts” estimates provide no demographic information; that is, they do not illuminate which households own the nation’s wealth, only the total amount of that wealth. SIPP provides detailed demographic information on the ownership of wealth, and the 2011 wealth estimates provided by the Census Bureau are the most recent estimates available on which households own the nation’s wealth.4 The estimates are based on responses from a sample of the population and may differ from the actual values because of sampling variability and other factors.
    A Rise in Wealth for the Wealthy; Declines for the Lower 93% | Pew Social & Demographic Trends

    today: Record Number of Households on Food Stamps-- 1 out of Every 5 | CNS News

    per usda, ag dept

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    Quote Originally Posted by The Prof View Post
    usatoday tuesday, an ap story



    Pew: 93% of households lost net worth 2009-11

    the top 7% are 8 million households, whose avg worth grew from 2.5M to 3.2

    the rest of us 93 are 111 million strong, we own 134K but we used to sit on 140

    the rich are 24:1 bigger than us, 18:1 in 09

    that's net worth

    look at incomes

    october: Under Obama, Poor, Middle Class Incomes Fall Sharply, Rich Get Richer - Investors.com

    and wages? the la times reported in august that 58% of the way too few jobs created in the "obama recovery" pay between 8 and 12 dollars per hour

    Majority of new jobs in recovery are low-paying, study finds - Los Angeles Times

    who's lying to you?

    are you sure this guy knows what he's doing?
    Looking at averages automatically throws all of your numbers out the window.

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    Quote Originally Posted by The Prof View Post
    is to see net worths and incomes increase
    Yeah, that's not a response.

    You haven't acknowledged that inequality has been rising for decades -- or that the recession caused inequality to drop temporarily. E.g. the stock market took a dive for a few years, and is now climbing again.


    not equality of outcome at the cost of progression
    Actually, it's a well-established fact that taxing the bejesus out of the wealthy, and using it for entitlement programs, does reduce income inequality. That's why Europe has lower rates of inequality than the US. This is not to say that's the type of policies we want, only that letting the free market "do its thing" will increase inequality, not reduce it.


    And it's not surprising that the worst recession since the 1930s also has the weakest recovery. I mean, really, what did you expect -- that a massive real estate bubble and credit crisis would go away in 5 minutes? Again, not even Reagan could have done that.

    I would say Obama made some mistakes, notably his attempts to stave off foreclosures failed miserably, and bank regulation is still inadequate. That said, neither McCain nor Romney would do any better.

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    Quote Originally Posted by Visbek View Post
    I would say Obama made some mistakes, notably his attempts to stave off foreclosures failed miserably, and bank regulation is still inadequate. That said, neither McCain nor Romney would do any better.
    Yeah, that's not reality either. You don't know how McCain or Romney would have done.

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    Re: Pew: 93% Of Households Lost Net Worth 2009-11

    Quote Originally Posted by Visbek View Post
    I've got a better idea: Let's look at the GINI Coefficient, which is the international measure of income inequality.



    Wow, it looks like the increase in inequality dates back to the mid 1970s. Whatever is causing it -- most likely tax breaks for the wealthy -- it sure looks like a long-term trend. Shocker.
    Lovely source you have there. They apparently don't even know who was president in 1993.

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