FOUR LOST DECADES

5 comments

Posted on 29th November 2012 by Administrator in Economy |Politics |Social Issues

You’ll be happy to know that the top .1% did much better.

5 Comments

  1. llpoh says:

    Funny thing – people that spend less than they earn tend to get ahead. Gee, wonder if that has anything to do with 4 lost decades? Four decades of people spending more than they make has resulted in a big problem. Go figure.

    The .1 percent spend less than they make. Of course their situation is going to improve. It is inevitable. When critical mass is reached – around 35 million or so, the wealth, and thus the income, of those individuals will continue to grow indefinitely. Unless they are idiot sportsmen who piss it all away, or similar.

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    29th November 2012 at 8:54 pm

  2. sangell says:

    We have to remember that the US has taken in some 60 million plus immigrants, mostly from places like Mexico, Central America, Haiti and Africa over this same time frame. Most came here penniless and few, even after decades, have much more as their education, birthrates, remittances are not conducive to wealth accumulation.

    Without factoring out the negative impact of third world immigration all long term comparisons between the US of 1965 ( the year the Kennedy immigration ‘reform’ measure passed) and today are not going to be a true reflection of that population and today’s.

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    29th November 2012 at 9:12 pm

  3. Mikey says:

    @sangell

    Actually if you look at the stats in any depth, you’ll find that on average migrants – in particular migrants from developing nations – work harder, save more, and eventually earn more than USAnians (or Australians for that matter). Probably because as IIpoh says – they spend less than they earn, the only guaranteed, 100% certain method of wealth production.

    Do some research before spluttering out your “they took our Jerbs” line.

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    29th November 2012 at 1:23 am

  4. flash says:

    Mikey, I hope you didn’t type your nonsensical spew in that damn annoying Assie accent….eh mate?

    You worry about you gun free shithole zone of a libtard country and let US worry about ours….um K

    BTWE I’ve got you jerb hangin’. …frikkin bastardized Brit.

    Racial and ethnic minorities were hit hard by the Great Recession, losing about a third of their net worth between 2007 and 2010, according to Federal Reserve Board numbers analyzing the years 2007 to 2010.

    The nation’s median household income fell to 1992 levels, losing 39 percent, largely because of the decrease in home values, especially among the middle class, USA Today reports. While fewer minorities owned homes, their median value dropped significantly during a time when people of all income levels encountered hardship on the job and property front.

    When considering share of net worth lost, households headed by nonwhites or Hispanics fared about as bad as their white counterparts: white households’ median net worth dropped 27.2 percent; nonwhite or Hispanic households lost 31.31 percent.

    Source: Federal Reserve report. Click image to view larger.

    But nonwhite and Hispanic households had much less to lose.

    In 2007, the median household net worth for a nonwhite or Hispanic households was $29,700. It dropped to $20,400 in 2010. By comparison, white households were worth $179,400 in 2007. In 2010, their value was $130,600.

    As the nation becomes more diverse, the economic well-being of all Americans has and will become increasingly tied to the financial well-being of racial and ethnic minorities.

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    29th November 2012 at 6:53 am

  5. flash says:

    link..
    http://www.nationaljournal.com/thenextamerica/economy/recession-impact-minorities-net-worth-falls-by-a-third-20120613

    Mikey, stuff this in your snarky multicultural blowhole and have yourself a fine old time..

    Legal & illegal immigrants struggle, use welfare to make up the difference
    http://www.examiner.com/article/legal-illegal-immigrants-struggle-use-welfare-to-make-up-the-difference
    Using the 2010 Census Bureau statistics, the Center for Immigration Studies (CIS) released a detailed report that correlates high levels of illegal/legal immigrant poverty as a contributing factor for the increase in welfare programs in the U.S.

    Take Arizona, the 2010/11 Census Bureau data revealed Grand Canyon State’s immigrant population is one of the poorest and least educated adding to the overburdened welfare rolls.

    “There is considerable concern in this country about issues like poverty and the large uninsured population. But what has generally not been acknowledged is the impact of immigration on these problems,” explained Steven Camarota, CIS’s director of research. “Absent a change in policy, 11 to 15 million new immigrants are likely to settle in this country in the next decade and may further exacerbate present problems.”

    The new report highlighted the fact that 43 percent of immigrants who lived in the U.S. for 20 years were receiving government assistance; nearly double the rates of natural-born citizens.

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    29th November 2012 at 6:58 am

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