The average middle-class household lost $30,000+ in wealth over the last year. Why is the middle-class getting so poor with the Democrats in charge?

[RingOfFire]

Joe Biden and the Democrats are constantly saying how much they are looking out for the middle-class.

But over the last year, the average middle-class household lost over $30,000 in real wealth. If that's looking out for them how can you tell the difference between that and destroying them?

Average Real Midddle-Class Household Wealth Fell Over $33,000 In The Past Year

Updates

+1 y

Bidenomics is the road to poverty. And we're driving down it in a Ferrari with the pedal to the metal.

[NaultD]

We have a laissez faire economy. The government Trump or Biden are not god kings that are moving chess pieces over the world economy

Private business with profit motivation is tobself regulate. You do a good job you make profits. You do bad job you go out of business. Without government intervention keeps the economy spinning. USA is so out of touch of the economy the military dosen't build their own weapons.

https://www.youtube.com/embed/2AGOP7pLqu0

So maybe the government should be more hands on. I would imagine you'd cry communism first. What else are we to do?

The government could over rule zoning restrictions from homeowners voters that could help 75% of homelessness by increase home supply but decreasing already homes established by 75% in resale value. Government could buy before destroying the value with new homes. BBUT socialism communism bla bla bla.

We have to do something but the free market is basically at it's wits end. Maybe use our taxes to help people transition. And maybe the tax the richest. If any income is stock options create a tax for that. Or don't let banks take loans on stock options.

[BadApple69]

This is the democrat way… they tell you how good you have it while they take more of your money and you have to use credit to buy groceries. I was a democrat for years but not anymore. Listen to what they say and look what they do… it’s always polar opposites. Example: the inflation reduction act! It only caused inflation to go up higher! They never do what they say… I challenge anyone here to prove me wrong.

[RingOfFire]

You are exactly right. The Democrat party has become the party of deception. In most cases the intended result of the actions they describe in words is the exact opposite of what the words connote. This is a tactic straight out of the teachings of the likes of Karl Marx and Saul Alinsky. It is a tactic to trick people into voting against their own interests. And that is exactly what half of America is doing.

[BadApple69]

Well at least you and I aren’t fooled. I hope more people open up their eyes and see the truth.

[TrueConfection]

This administration just keeps on printing more money. The sheeple think it's fabulous.

[kerrieK001]

My boyfriend has said the same thing about money printing. I have learned a lot about it recently.

[RingOfFire]

As you can imagine printing more money makes every dollar that is already in circulation less valuable. That's why it takes more dollars to buy things, because "printing money" makes each dollar that you already have or you earn worth less than it was before. That's inflation.

The treasury still does print paper money to put into circulation. But in modern times they use a much more powerful (and sinister) way to pay for the government's out of control spending. They sell bonds. In this day and age of electronic transactions, such as credit and debit cards and electronic funds transfers, paper and coin currency is nearly obsolete. So the government sells these bonds and the money is exchanged electronically. It is publicly referred to as "printing money" but it is not actually running a physical printing press, but selling debt to raise money. It is another way of funding the insane spending with non-existent money that is even more stealth than printing paper money and also causes your money to be worth less. Most people don't even know about or understand that the government is doing it.

The problem with that is that at some point that debt has to be paid back. What the government does is to spend now and pay later. Most politicians know that by the time the shit hits the fan, and taxpayers are forced to pay back so much debt that it bankrupts them, their term in office will be over so they already got their corrupt deals paid for and are out of the game. It's a giant corrupt scam and you and I are the ones who are paying for it.

The ONLY way to control this is to cut the size and power of government. The bigger and more powerful the government, the more corrupt it will be. That is human nature and it never changes.

The bigger the government, the smaller the citizen.

[Anonymous]

Because they are doing everything they can to destroy our country and our lives.

[RingOfFire]

Finally someone in your generation with a real brain! Good for you! Don't let them brainwash you.

[richardcory]

Changes in the stock market and property values can cause large fluctuations in the wealth of people - without anything real changing. You need to look at longer term averagers.

My net worth has been all over the map this year as tech stocks moved around. But since I didn't buy or sell any, it really doesn't matter at all

[Avicenna]

Biden is a CCP puppet, and he's obviously not the only one in the federal government, either. They are criminals who are deliberately pursuing policies that damage the middle class.

[AviatorTom]

Using the info in the Bloomberg link...

That's a 6% drop, most people can live with that. Compare that to the 65% drop back in 2008.

Any economy has peaks and valleys. You can't go up forever. Most economists call 2022 a correction year, nothing more.

[Astarlessnightsky]

Because both parties are making polocies to make the rich even richer and keep the poor people down.

And each crisis increases the gap between rich and poor class.

[AmandaYVR]

The Democrat-run states generate the country's GDP, and pay for the red states deficits.

Take that in your pipe and smoke it.

[slatyb]

How did they lose it? Most people's wealth is in their home.

[RingOfFire]

Read the article. Inflation eroded the buying power of their savings so their savings won't buy what they did a year ago.

[slatyb]

By that measure, I lost about $300,000 while Trump was in office due to the increase in home prices.

[DextroShade]

The Democrats are no longer the party of the working class but of globalist elites.

[OddBeMe]

Recessions are rough. It’s harder for Americans to move around the country to where the jobs are. If only college loans were canceled for hard hit kids….

[RingOfFire]

So you want the people who are proud that they worked their tails off for years to pay back their own student loans to now be forced to pay back other peoples' student loans who want a free ride?

So you want parents who are working day and night to pay for their kids to get through college to also have to pay for someone else's college debt?

So you want to teach people who made a decision to go to college and agreed to incur a debt to pay for it so they could get a degree in Bavarian clock history or "Gender studies" and now can't find any work that there are no consequences for their decisions in life and that their promises do not need to be honored?

[OddBeMe]

Our tax dollars will pay for the loans. You and I won’t be out any more $.

And yes it will be economically viable to help people in need and create demand and flexibility for them.

[RingOfFire]

"Our tax dollars will pay for the loans. You and I won’t be out any more $."

What THE! This comment is self contradictory. How can taxpayers pay for it but not be out any money? I don't know about you but I and a hundred million other Americans pay the taxes so it makes no sense at all. EVERYONE who pays taxes will be forced to pay for the loans. You couldn't be more wrong. Even your basic logic is a disaster.

[Rangers]

Because democrats are sadistic and masochistic

[gorydetails]

Bidenomics!