Household wealth in the U.S. climbs to a record

[TakeAStepBack]

Total non-financial debt increased at a 5.4 percent annual pace last quarter, the most in a year. Federal government obligations jumped by 11.6 percent, the biggest gain since the first three months of 2012. Business borrowing rose 7.1 percent. State and local government debt dropped at a 4.9 percent pace.

Anyone wanna tell me the significance of this when discussing aggregate wealth increases?

 

[TakeAStepBack]

RW....ill ask you this because Dean and Chris are well lets just say....they are kinda brainwashed .....your not there yet.....there are threads here by Democrats/Liberals saying everyone is getting poorer,from the middle class on down.....how can people be getting poorer and richer at the same time?...just askin.....

It's called cognitive dissonance.

Is that like lying?

It's lying to ones self and not having the mental fortitude to even know it.

 

[Zander]

RW....ill ask you this because Dean and Chris are well lets just say....they are kinda brainwashed .....your not there yet.....there are threads here by Democrats/Liberals saying everyone is getting poorer,from the middle class on down.....how can people be getting poorer and richer at the same time?...just askin.....

It's called cognitive dissonance.

Is that like lying?

sorta.

People tend to seek consistency in their beliefs and perceptions. So what happens when one of our beliefs conflicts with another previously held belief? The term cognitive dissonance is used to describe the feeling of discomfort that results from holding two conflicting beliefs. When there is a discrepancy between beliefs and behaviors, something must change in order to eliminate or reduce the dissonance.


"The person who continues to smoke, knowing that it is bad for his health, may also feel (a) he enjoys smoking so much it is worth it; (b) the chances of his health suffering are not as serious as some would make out; (c) he can't always avoid every possible dangerous contingency and still live; and (d) perhaps even if he stopped smoking he would put on weight which is equally bad for his health. So, continuing to smok is, after all, consistent with his ideas about smoking."
(Festinger, 1957)

What Is Cognitive Dissonance?

 

[rightwinger]

$20 trillion dollars? That is alot of money

How much did our wealth increase under the Republicans?

You hate wealth if it isn't in your hands.

Is it ?

If so, why are you and Billy00000.000000 still whining about minimum wage, health care and the 1% ?

$20 trillion dollars just under Obama? That is more than our total debt

How did we do when Republicans were calling the shots?

 

[TakeAStepBack]

Do all LOLberals equate economics with politics, or just the really low information retards?

 

[bedowin62]

$20 trillion dollars? That is alot of money

How much did our wealth increase under the Republicans?

You hate wealth if it isn't in your hands.

Is it ?

If so, why are you and Billy00000.000000 still whining about minimum wage, health care and the 1% ?

$20 trillion dollars just under Obama? That is more than our total debt

How did we do when Republicans were calling the shots?

Dems voted for every penny of the Bush spending to you idiot. prove me wrong; without idiotic excuses. i love the way you losers on the Left remain in such deep denial about everything.

 

[rightwinger]

$20 trillion dollars? That is alot of money

How much did our wealth increase under the Republicans?

RW....ill ask you this because Dean and Chris are well lets just say....they are kinda brainwashed .....your not there yet.....there are threads here by Democrats/Liberals saying everyone is getting poorer,from the middle class on down.....how can people be getting poorer and richer at the same time?...just askin.....

Let me give you a hint where the majority of that increase in wealth went

It wasn't our poorest 1%

 

[ClosedCaption]

Obama wants to destroy the middle class but he's not...C'mon Obama cant you do anything right?

 

[rightwinger]

You hate wealth if it isn't in your hands.

Is it ?

If so, why are you and Billy00000.000000 still whining about minimum wage, health care and the 1% ?

$20 trillion dollars just under Obama? That is more than our total debt

How did we do when Republicans were calling the shots?

Dems voted for every penny of the Bush spending to you idiot. prove me wrong; without idiotic excuses. i love the way you losers on the Left remain in such deep denial about everything.

Actually, they didn't

 

[bedowin62]

$20 trillion dollars? That is alot of money

How much did our wealth increase under the Republicans?

RW....ill ask you this because Dean and Chris are well lets just say....they are kinda brainwashed .....your not there yet.....there are threads here by Democrats/Liberals saying everyone is getting poorer,from the middle class on down.....how can people be getting poorer and richer at the same time?...just askin.....

Let me give you a hint where the majority of that increase in wealth went

It wasn't our poorest 1%

leftard; every body knows under obama the rich are getting richer FASTER than they did under obama' and the poor and middle class are getting poorer

 

[bedowin62]

$20 trillion dollars just under Obama? That is more than our total debt

How did we do when Republicans were calling the shots?

Dems voted for every penny of the Bush spending to you idiot. prove me wrong; without idiotic excuses. i love the way you losers on the Left remain in such deep denial about everything.

Actually, they didn't

ok good; prove me wrong

 

[Harry Dresden]

$20 trillion dollars? That is alot of money

How much did our wealth increase under the Republicans?

RW....ill ask you this because Dean and Chris are well lets just say....they are kinda brainwashed .....your not there yet.....there are threads here by Democrats/Liberals saying everyone is getting poorer,from the middle class on down.....how can people be getting poorer and richer at the same time?...just askin.....

Because wages and wealth are two different things.

The system is step up to reward ownership, not work.

ok so the rich are still getting richer and those that have a house are doing better because the value of the house went up.....so what about all those who lost their houses or dont own one and are Unemployed or have low paying jobs,and those threads say they are in the millions .....once again they are still struggling and getting poorer.....doesnt matter who is in charge.....the poorer amongst us are still getting the shaft....

 

[TakeAStepBack]

RW....ill ask you this because Dean and Chris are well lets just say....they are kinda brainwashed .....your not there yet.....there are threads here by Democrats/Liberals saying everyone is getting poorer,from the middle class on down.....how can people be getting poorer and richer at the same time?...just askin.....

Because wages and wealth are two different things.

The system is step up to reward ownership, not work.

ok so the rich are still getting richer and those that have a house are doing better because the value of the house went up.....so what about all those who lost their houses or dont own one and are Unemployed or have low paying jobs,and those threads say they are in the millions .....once again they are still struggling and getting poorer.....doesnt matter who is in charge.....the poorer amongst us are still getting the shaft....

That's the very design of our monetary policy. Shit, i haven't even beaten inflation in 5 years on salary.

 

[rightwinger]

The Consequences of Conservatism | Center for American Progress

Wealth destruction probably doesn’t adequately capture what happened in the early stages of the crisis. Wealth was vaporized at a breathtaking, eye-popping speed. American families lost a total of $19.4 trillion (in 2010 dollars) in household wealth from June 2007 to March 2009, when the stimulus started to take hold. First it was the housing market, and then it was the housing and the stock market together that tanked. American families lost $6.4 trillion in home value during this period.

Damn.....American families LOST $19.4 trillion under Bush and GAINED $20 trillion under Obama

Why would anyone want to vote for Republicans?

 

[bedowin62]

The Consequences of Conservatism | Center for American Progress

good source doofus. what's the matter chariman mao wasnt available for a quote?

 

[oreo]

Up $20 trillion dollars since 2009...

Household wealth in the U.S. increased from October through December, as gains in stock portfolios and home prices boosted Americans’ finances.

Net worth for households and non-profit groups rose by $2.95 trillion in the fourth quarter, or 3.8 percent from the previous three months, to a record $80.7 trillion, the Federal Reserve said today from Washington in its financial accounts report, previously known as the flow of funds survey.

More jobs, higher stock prices and improved home values have all helped consumers clean up their balance sheets in the years following the biggest recession since the Great Depression. Additional gains in the labor market and household wealth will be needed to give consumers the means to spend on goods and services, boosting economic growth.

Household Worth in U.S. Climbs by $2.95 Trillion to Record - Bloomberg

LIBERALS always only report what they think is good and LEAVE out the bad news in the same article:

Fed policy makers will likely keep a close eye on the labor market, where gains have been inconsistent over the past three months. Payrolls grew by 113,000 in January following advances of 75,000 in December and 274,000 in November. They’re projected to increase by about 150,000 in February, according to the median estimate of economists surveyed by Bloomberg before tomorrow’s Labor Department report.

Household debt increased at a 0.4 percent annualized rate last quarter, today’s Fed report showed. Mortgage borrowing dropped at a 1 percent pace. Other forms of consumer credit, including auto and student loans, increased at a 5.4 percent pace.

For all of 2013, household debt climbed 0.9 percent, the biggest gain since 2007, even as Americans continued to pay down home loans. Mortgage borrowing fell 0.8 percent, the smallest drop since 2008, which marked the first year of the recession.

Total non-financial debt increased at a 5.4 percent annual pace last quarter, the most in a year. Federal government obligations jumped by 11.6 percent, the biggest gain since the first three months of 2012. Business borrowing rose 7.1 percent. State and local government debt dropped at a 4.9 percent pace.

This is referred to as the JOBLESS recovery for a reason. While the stock market goes up--(because the largest expense to any employer are employees) and their bottom lines look great because there are fewer payroll checks to make out--main street is still in a severe recession.

Jobless numbers DROP--because we have hit the lowest employment rate in this nation in over 40 years. IOW--only 63% of this nation are actively working--the rest are retired or on social security or disability and unemployment benefits, and many of the unemployed have just given up on even looking for a job. Therefore the tax base of this country is declining while government spending is going up. A recipe for disaster.

 

[TakeAStepBack]

The Consequences of Conservatism | Center for American Progress

Wealth destruction probably doesn’t adequately capture what happened in the early stages of the crisis. Wealth was vaporized at a breathtaking, eye-popping speed. American families lost a total of $19.4 trillion (in 2010 dollars) in household wealth from June 2007 to March 2009, when the stimulus started to take hold. First it was the housing market, and then it was the housing and the stock market together that tanked. American families lost $6.4 trillion in home value during this period.

Damn.....American families LOST $19.4 trillion under Bush and GAINED $20 trillion under Obama

Why would anyone want to vote for Republicans?

Who controlled congress?

 

[rightwinger]

The Consequences of Conservatism | Center for American Progress

good source doofus. what's the matter chariman mao wasnt available for a quote?

You have something against American Progress?

You fucking commie

 

[rightwinger]

The Consequences of Conservatism | Center for American Progress

Wealth destruction probably doesn’t adequately capture what happened in the early stages of the crisis. Wealth was vaporized at a breathtaking, eye-popping speed. American families lost a total of $19.4 trillion (in 2010 dollars) in household wealth from June 2007 to March 2009, when the stimulus started to take hold. First it was the housing market, and then it was the housing and the stock market together that tanked. American families lost $6.4 trillion in home value during this period.

Damn.....American families LOST $19.4 trillion under Bush and GAINED $20 trillion under Obama

Why would anyone want to vote for Republicans?

Who controlled congress?

Name a single bill passed by Congress at the time that had any impact on the great Republican economic collapse of 2008?

 

[bedowin62]

The Consequences of Conservatism | Center for American Progress

good source doofus. what's the matter chariman mao wasnt available for a quote?

You have something against American Progress?

You fucking commie

now you are makingeven less sense than usual moron

take your meds leftard