Here’s the place to dump all those items that don’t seem to warrant a full diary — or maybe they do and you just don’t have the inspiration…
TELL US AGAIN ABOUT THE BOOMING ECONOMY, MR. PRESIDENT
Median net worth slows from 2001
Up 1.5% compared with a 10.3% gain in previous 3-year period
WASHINGTON — Growth in U.S. family wealth slowed to a crawl from 2001 to 2004 and stock ownership fell, according to a Federal Reserve report released Thursday.
Median net worth, the difference between household assets and liabilities, rose 1.5 percent, to $93,100, down from a 10.3 percent gain from 1998 to 2001. Net worth fell for the bottom 40 percent of U.S. families, according to the survey of 4,000 households, which the Fed conducts every three years.
“It’s discouraging,” said Stephen Brobeck, executive director of the Consumer Federation of America. “What we see is little change in the assets of the typical American household between 2001 and 2004, after substantial increases in the previous six years.”
The net worth of the wealthiest 10 percent of U.S. families rose to a median $924,100 in 2004 from $887,900 three years earlier. Net worth for the poorest 20 percent of the population fell 11 percent, to $7,500. Those in the next highest income group saw net wealth fall 13.4 percent, to $34,300.
[emphasis mine]
So, what’s going on in your world?
link
Awesome.
That IS hilarious.
The internals of the report are even more interesting. Turns out that the median income (half higher, half lower) is up a little (+1.6%) while the average, or mean, is down -2.3%. Those numbers are really both pretty close to zero, so as you say, Cali, “Where’s our booming economy?” But a difference between mean and median usually tells us about what’s going on at the high end, and in this case the high-end earners are declining a little more than the low- and average earners. Not that this is good news — in the previous three-year period (1998-2001), the median rose +10.3%, while the mean rose +17.3%.
If high-end earners are earning a little less, they’ve also been making it up on asset appreciation. Average household net worth increased +6.3%, which mostly reflects the rich getting richer.
Seems to fit with the long term (repub) goal to eliminate tax on capital gains/investment income and only tax wage income?
and in other pieces about the net worth (including the piece I saw on the 10:00pm news last night) is that a contributing factor to the decline of net worth is an increase in debt, especially mortgage and credit card debt. That can be attributed to (a) people using their credit cards to pay for necessities like food and medications because their income doesn’t go far enough, and (b) people taking out mortgages to pay for college or other major expenses.
There was a study done on “Hunger in America” by Second Harvest (I believe) that found a large percentage of families who use food bank services actually have at least one family member working full-time. I may diary that study…
The repubs in Missouri are pushing a bill to require picture ID’s for voting. The Dems are against it for all the usual reasons.
People in outstate Missouri are predominantly white and (of course) mostly rural. They hate the cities and they don’t really give a damn about minority rights.
Our (Democratic) Secretary of State, Robin Carnahan, has an editorial in the Southeast Missourian, a newspaper situated in the heart of Rush Limbaugh territory, about why photo ID’s are bad for white people in rural areas. She never mentions any of the other reasons. Which is smart. Just because there are many reasons, doesn’t mean you have to bring them up and distract people from their own self interest. Here’s a sample:
Scientific proof that sex with a partner is 400% better than without: newscientist.com
Yup, Keith Olbermann had fun with that one last night.
I guess I gotta start watching tv…
400%
A lot of people are going to have to re-think their sex lives.
Uganda goes to the polls amid claims of rigging
New U.N. Rights Panel Is Proposed
U.S. Urged to OK Plan for New U.N. Council
US drive stalls for quick UN vote on Darfur force
Bush at the cabinet meeting:
This deal wouldn’t go forward if we were concerned about the security for the United States of America.”
See? The man actually can mean what he says on occasion . . .