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Backwards, not forwards

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#1    UM-Bot


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Posted 23 June 2012 - 11:01 AM

<strong class='bbc'>Image credit: sxc.hu</strong>
Image credit: sxc.hu
Phillip Tilley: In a recent report from the Federal Reserve it was noted that the median U.S. household lost 39% of its wealth from 2007 to 2010.  This means net worth slid to 1992 levels after adjusting for inflation.  That is the inflation the government admits to, not real inflation.

The report said the median family’s net worth dropped from $126,400 in 2007 to $77,300 in 2010.  It may be interesting that 77,000 in today’s money would have been worth about 10,000 in 1964, the year we stopped using real money.  So in fact there has been no real gain in American net worth since we stopped using real money in 1964.  No real growth!  We have stagnated for almost fifty years!

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#2    Babe Ruth

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Posted 23 June 2012 - 01:25 PM

A good article!  Yes, the government has been using smoke & mirrors regarding inflation and unemployment for many years, at least since it removed food and energy costs from the formula used to calculate the Consumer Price Index.

The real estate bubble helped inflate 'net worth' figures 10 years ago, and now that the bubble has burst the numbers reveal the loss in middle class worth.  Yes, the rich get richer and the poor get poorer.  What's new?

#3    Sormac


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Posted 24 June 2012 - 09:19 AM

So many things in this article are wrong, its really difficult to pick a place to start...

That being said, lets just start with the fact that most indicators pointed to an end of the recession occurring in summer of 2010 (not 2009). I have no clue how you draw a bridge between net worth declining between 2007 and 2010 and the US being in stagnation/depression now. My portfolio also decreased in those years, but has more than stablized and provided year over year returns jn FY11 and FY12.

#4    Oen Anderson

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Posted 25 June 2012 - 04:14 AM

Sormac, if you have no clue it's because you obviously can'r read.  The article clearly states the information on the new worth decline came from the Federal Reserve.  If they say it declined they ought to know because they run the economy.  Also it was the Federal Reserve that called an end to the recession in 2009.

#5    ThickasaBrick


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Posted 28 June 2012 - 10:33 PM

No surprise. I could have told you that. Just because the Gov't says something does not make it true.

#6    Darkcore


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Posted 13 July 2012 - 08:11 PM

Funny how Phillip Tilley used to be laught at, and now more and more are saying, "Damn! That Tilley guy was on to something, should of listened to him sooner..."

I did, 2 years ago, and I don't regret one bit. I'm still in the matrix unfortunatly, but I'm awake! Thx!

#7    Sormac


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Posted 23 June 2013 - 02:48 AM

One year later... My net worth has increased.

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