The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with middle-class families bearing the brunt of the decline.
The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
The data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Home-ownership, once heralded as a pathway to wealth, became an albatross.
The findings underscore the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has seen only a halting recovery.
“It’s hard to overstate how serious the collapse in the economy was,” said Mark Zandi, chief economist for Moody’s Analytics. “We were in free fall.”
The recession caused the greatest upheaval among the middle class. Only roughly half of middle-class Americans remained on the same economic rung during the downturn, the Fed found. Their median net worth — the value of assets such as homes, automobiles and stocks minus any debt — suffered the biggest drops.
Florida had lots of illegals and dead people on it’s voter rolls so the state did an audit to remove the ineligible listings. Of course Obama’s Department of Social Justice ran by Eric Holder, who also isn’t enforcing federal vote fraud laws, tried to stop Florida from trying to maintain accurate voter records.
The latest nonsense from the Democrat leadership is that the Fast & Furious investigation is just retaliation for this, but the Fast & Furious investigation started a year before the vote cleanup effort.
Today a federal judge rejected a Department of Justice request to issue a temporary restraining order blocking Florida from removing non-citizens from the voter rolls and rejected DOJ’s argument that the National Voter Registration Act prohibits removal of non-citizens from the voter rolls. The court also said that permitting known non-citizens to vote would result in “irreparable harm” to eligible voters.
Florida Governor Rick Scott was pleased with the decision, which is consistent with his position that Florida has an obligation to remove non-citizens from the voter rolls.
“The court made a common-sense decision consistent with what I’ve been saying all along: that irreparable harm will result if non-citizens are allowed to vote. Today’s ruling puts the burden on the federal government to provide Florida with access to the Department of Homeland Security’s citizenship database. We know from just a small sample that an alarming number of non-citizens are on the voter rolls and many of them have illegally voted in past elections. The federal government has the power to prevent such irreparable harm from continuing, and Florida once again implores them to grant access to the SAVE database.”
Nearly a year ago, the state requested access to a citizenship database, maintained by the Department of Homeland Security, called the Systematic Alien Verification for Entitlements (SAVE) database, that would allow Florida to more accurately identify non-citizens who are registered to vote. To date, the federal government continues to block access, thereby preventing Florida’s efforts to ensure fair elections.
A 14-year-old Phoenix boy shot an intruder who broke into his home while brandishing a gun as the teenager watched his three younger siblings, police said.
The teen and his brothers and sisters were at home alone at their residence at 55th Avenue and Baseline when a woman rang the doorbell Friday. The teen didn’t open the door because he didn’t recognize her, Police Officer James Holmes said Saturday.
Soon after, the teen heard a bang on the door, rushed his siblings upstairs and got a handgun from his parent’s bedroom. When he got to the top of the stairs, he saw a man breaking through the front door and point a gun at him.
The boy shot the 37-year-old man, who is in critical condition but expected to survive and be booked into jail.
Holmes said the suspect did not get a shot off. He declined to release his name until he is booked into jail.
The woman who rang the home’s doorbell got away.
Holmes hailed the teen’s actions and his parents for teaching the kids to never open the door to strangers.
“The police and indeed our community does not ever want to see a situation where a teenager of that age has to take a weapon to protect his family … but this young man did exactly what he should have done,” he said.
Forget executive privilege, contempt of Congress, “fast and furious,” how many documents the government has produced and who said what to whom on which date.
The Obama administration has almost certainly engaged in the most shockingly vile corruption scandal in the history of the country, not counting the results of Season Eight on “American Idol.”
Administration officials intentionally put guns into the hands of Mexican drug cartels, so that when the guns taken from Mexican crime scenes turned out to be American guns, Democrats would have a reason to crack down on gun sellers in the United States.
Democrats will never stop trying to take our guns away. They see something more lethal than a salad shooter and wet themselves.
But since their party was thrown out of Congress for the first time in nearly half a century as a result of passing the 1994 “assault weapons ban,” even liberals know they were going to need a really good argument to pass any limitation on guns ever again.
So it’s curious that Democrats all started telling the same lie about guns as soon as Obama became president. In March 2009, Secretary of State Hillary Clinton announced to reporters on a trip to Mexico: “Since we know that the vast majority, 90 percent of that weaponry (used by Mexican drug cartels), comes from our country, we are going to try to stop it from getting there in the first place.”
As she sentimentally elaborated on Fox News’ Greta Van Susteren show: “The guns sold in the United States, which are illegal in Mexico, get smuggled and shipped across our border and arm these terrible drug-dealing criminals so that they can outgun these poor police officers along the border and elsewhere in Mexico.”
Suddenly that 90 percent statistic was everywhere. It was like the statistic on women beaten by their husbands on Super Bowl Sunday.
CBS’ Bob Schieffer asked Obama on “Face the Nation”: “It’s my understanding that 90 percent of the guns that they’re getting down in Mexico are coming from the United States. We don’t seem to be doing a very good job of cutting off the gun flow. Do you need any kind of legislative help on that front? Have you, for example, thought about asking Congress to reinstate the ban on assault weapons?”
At a Senate hearing, Sen. Dianne Feinstein, D-Calif., said: “It is unacceptable to have 90 percent of the guns that are picked up in Mexico and used to shoot judges, police officers and mayors … come from the United States.”
And then, thanks to Fox News — the first network to report it — we found out the 90 percent figure was complete bunkum. It was a fabrication told by William Hoover, of the Bureau of Alcohol, Tobacco, Firearms and Explosives (BATF), and then spread like wildfire by Democrats and the media.
Mexican law enforcement authorities send only a fraction of the guns they recover from criminals back to the U.S. for tracing. Which guns do they send? The guns that have U.S. serial numbers on them. It would be like asking a library to produce all their Mark Twain books and then concluding that 90 percent of the books in that library are by Mark Twain.
You begin to see why the left hates Fox News so much.
Obama backed away from the preposterous 90 percent claim. His National Security Council spokesman explained to Fox News that by “recovered,” they meant “guns traceable to the United States.” So, in other words, Democrats were frantically citing the amazing fact that almost all the guns traceable to the U.S. were … traceable to the U.S.
Attorney General Eric Holder told reporters that even if the percentage is inaccurate, the “vast majority” of guns seized in crimes in Mexico come from the United States. (And he should know, because it turns out he was sending them there!)
This was absurd. Most of the guns used by drug cartels are automatic weapons — not to mention shoulder-fired rockets — that can’t be sold to most Americans. They are acquired from places like Russia, China and Guatemala.
Right about the time the 90 percent lie was unraveling, the Obama administration decided to directly hand thousands of American guns over to Mexican criminals. Apart from the fact that tracking thousands of guns into Mexico is not feasible or rational, the dumped guns didn’t have GPS tracing devices on them, anyway. There is no conceivable law enforcement objective to such a program.
This is what we know:
(1) Liberals thought it would be a great argument for gun control if American guns were ending up in the hands of Mexican criminals;
(2) They wanted that to be true so badly, Democrats lied about it;
(3) After they were busted on their lie, the Obama administration began dumping thousands of guns in the hands of Mexican criminals.
We also know that hundreds of people were murdered with these U.S.-government-supplied guns, including at least one American, U.S. Border Patrol agent Brian Terry.
But let’s look on the bright side. The BATF was originally going to ship warheads to Iran until realizing the explosions might disable the tracking devices.
(Contrary to more Democrat lies, there was no program to dump thousands of guns in Mexico under George W. Bush. The Bush administration did have a program that put GPS trackers on about 100 guns in order to actually trace them. That operation was ended almost as soon as it began because of the lack of cooperation from Mexican officials. You may as well say Holder’s program was “started” by the first cop who ever put tracer dye on contraband.)
No one has explained what putting 2,500 untraceable guns in the hands of Mexican drug dealers was supposed to accomplish.
But you know what that might have accomplished? It would make the Democrats’ lie retroactively true — allowing them to push for the same gun restrictions they were planning when they first concocted it. A majority of guns recovered from Mexican criminals would, at last, be American guns, because Eric Holder had put them there.
Unfortunately for the Democrats, some brave whistleblower inside the government leaked details of this monstrous scheme. As soon as Congress and the public demanded answers, Holder clammed up. He just says “oops” — and accuses Republicans of racism.
Organized protesters set out to counter the issue of money in politics while marching over a mile through Washington DC last week. The heat index was a blistering 90 degrees, which seemed to add to the marchers’ aggression for their target, former Bush Administration Senior Adviser and Deputy Chief of Staff Karl Rove. While Rove has been out of the White House for over five years, he has remained active in fundraising for and promotion of conservative causes, particularly through his non-profit, Crossroads GPS.
Many of the protesters took issue with the success of Rove’s 501c4, stating it should be “illegal” even though they were themselves proud representatives of 501c4s. This conflation begs the question: Do these organized protesters even know why they are marching? Or do they even know who they are marching against?
The Blaze set out to uncover this mystery by asking the proud marchers one simple question: “Who is Karl Rove?” You may or not be shocked by their answers.
Minorities, this is what the “enlightened academic left” thinks of you. And this is not just a few radicalized pinheads in Minnesota, this type of senseless race bating, victimology, and stereotyping is typical of “black studies” and other neo-Marxist grievance studies programs in public school and universities in almost every state.
The left needs racial division and must pit one group against another for people to buy their ideology. This goes double for leftist academics who get millions of dollars spent of grievance studies programs, various grievance studies centers, publications etc.
Remember the Un-Fair Campaign, that august collection of enlightened and thoroughly non-racist individuals who believe that whites have an irrevocable privilege that gives them an advantage in society (and that, by extensions minorities will always need special favors to get a leg up)? Well, if you don’t, for the purposes of this story, it may be advisable to rewatch this ad of theirs:
As you can see, the Un-Fair Campaign is aptly named. Their perspective on race is deeply unfair. Fortunately, at least one group has set out to make a video that rebuts the above, and shows how the perspective involved is unfair not just to whites, but to minorities as well. The resulting effort may cause you to spontaneously break out into applause:
Our friends at iowntheworld.com have a delicious post with (full disclosure) my good friend Steven Tucker affording the most awesome schooling to a rather surprisingly open minded young leftist on ObamaCare.
Tucker is one of America’s foremost experts on health insurance law and this poor bloke just happened to run across him with a camera in his hand in Chicago. [Full disclosure: this very writer went to insurance school and passed the state exam for a state Life & Health insurance license. I have written dozens of articles on ObamaCare and Tucker knows it even better than I do.]
In this video, Touré, the one-named host of MSNBC’s The Cycle, attempts to humiliate Alex Schriver for being Republican. He suggests that something happened to him that has forced him into being Republican before Schriver confidently fires back against the MSNBC host for his ignorant and degrading comments.
The 23-year-old Schriver not only speaks intelligently beyond his years, but politely makes MadonnaSealPrince Touré look silly and unknowledgeable about the state of politics.
Schriver, a native of Tennessee and a graduate of Auburn University, is the National Chairman for the College Republican National Committee. Click on the link to check out their great organization that works to promote conservative ideals to college age Americans.
GREENVILLE, SC – A grieving mother told a South Carolina court she was slapped with several bills, including one to clean the street after her son was killed by a drunken driver last year.
Loretta Robinson spoke on June 19 of the emotional and financial toll her son Justin Walker’s death had on her as the driver Anna Gonzales, who is an illegal immigrant, pleaded guilty in the case.
Robinson told the judge she has been unable to work due to the emotional impact of her son’s death, and can’t pay the bills she keeps receiving from the accident even though her son was not at fault, WYFF reports.
“I had to pay to have the vehicle towed,” she said according to WYFF. “I had to pay for the vehicle removed and to clean up the street from Justin’s blood on the ground.”
Robinson said the $50 bill to clean the street stung the most.