I’m going to show you some shocking stats that will make you think twice about your current financial situation.
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Some pretty shocking stats about the current state of household wealth in the United States. Household income from January to September has plummeted by $13.5 Trillion. The good news is this is only the second worst on record and the bad news is Biden still has 2 years left.
MSN Reports, in the government’s quarterly financial report, the Federal Reserve revealed Friday that the stock market shed more than 25% of its value in the first three quarters of 2022, causing American households to lose $6.8 trillion of wealth.
IWF Center for Economic Opportunity director Patrice Onwuka joined ‘Fox Business Tonight and was asked about household wealth dropping by 13.5 trillion dollars. Here’s her reaction. TAKE A
She hits it right on the head. Instead of this administration being completely honest with the American people about the severity of this collapsing economy, they’re only causing more harm to those who can’t afford to be lied to because they have to pick up extra shifts to feed their families.
That’s good news! If or when economists start comparing our depleted economy to that of the 1930 depression, that’s when we should be worried. However, only time will tell with Biden. Recent statistics on how much more families are spending since Biden makes sense and it will only get worse.
In August, Fox Business reported that the Joint Economic Committee found Americans spend $717 more per month because of inflation.
Fox discussed the impact of inflation on American families with Republican congressmen from Arkansas, French Hill. Only solidifying how much more American families are suffering the biggest blow since 2008.
According to the Labor Department, the financial squeeze is being caused by higher prices for everyday items like cars, rent, food, and health care. As part of their efforts to monitor the rising cost of living, the JEC Republicans launched the State Inflation Tracker in April. Taking into account inflation of 1.4% in January 2021, we compared prices in July with prices in January 2021.
The analysis revealed, “Prices did not change between June and July 2022, but increased 13.3% between January and July 2022, costing an average American household $717 in July alone.”
The 1930’s Great Depression was one of the worst economic downturns this country has ever seen, and thankfully we can all agree that we are nowhere near that level of despair at this point in time. One merely has to look at the numbers – our GDP shrank only 0.6% during the current crisis while it dropped an incredible 29% back then, not to mention the unemployment rate of 3.7% today compared to 25% then – to see just how far we’ve come since then. While progress is certainly something to celebrate, what really should be recognized is just how bad things were for citizens in the 30’s. The banks failing by the thousands was a crushing blow for most American families, and it would take someone even worse than Biden to drive us back there again.
Let’s continue this conversation, in the comments below.