And I thought that The ONE's projected budget deficit was big at $1.2 Trillion. Apparently we're all definitely a lot poorer than we were before the 4th Qtr of 2008...read into that what you will but you probably know the ultimate reason already..."It's all Bush's Fault. We inherited a mess."
I'm not sure if we can take three and a half more years of The ONE's economic stimulus.
This is as excerpt from Breitbart.com, all emphasis is my own:
Americans' net worth shrinks $1.33 trillion in 1Q
Jun 11 11:19 AM US/Eastern
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON (AP) - American households lost $1.33 trillion of their wealth in the first three months of the year as the recession took a bite out of stock portfolios and dragged down home prices.
The Federal Reserve reported Thursday that household net worth fell to $50.38 trillion in the January-March quarter, the lowest level since the third quarter of 2004. The first-quarter figure marked a decline of 2.6 percent, or $1.33 trillion, from the final quarter of 2008.
Net worth represents total assets such as homes and checking accounts, minus liabilities like mortgages and credit card debt.
The damage to wealth in the first quarter came from the sinking stock market. The value of Americans' stock holdings dropped 5.8 percent from the final quarter of last year.
Another hit came from falling house prices. The value of household real-estate holdings fell 2.4 percent. Collectively, homeowners had 41.4 percent equity in their homes in the first quarter. That was down from 42.9 percent in the fourth quarter.
The latest snapshot of Americans' balance sheets was contained in the Fed's quarterly report called the flow of funds.
Despite the drop, the speed at which net worth shrunk slowed to start the year. During the recession's deepest point in the October-December period, Americans' net worth fell 8.6 percent, according to revised figures.
With wealth declining and unemployment rising, there are questions about how consumers—the lifeblood of the economy—will behave in the coming months.
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Full article:
http://www.breitbart.com/article.php?id=D98OIT0G2&show_article=1
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