What will likely become a major campaign issue is the state of Americans’ wealth. Based on the following report from the Federal Reserve, the average American family’s wealth has decreased 40% from 2007 to 2010. The actual drop if you do the math is 38.8%. Simple math skills do not seem to be a requirement for reporters: inflation was not taken into consideration when writing the article. Adjusting the $126,400 in 2007 for inflation in 2010, the actual number is $132,930.83. The drop in wealth adjusted for inflation is actually 41.8%. In three years.
Since the housing market has not recovered and is still in decline, extrapolating this figure through 2012 and only adjusting for inflation (not housing prices which are still declining), the loss in wealth is 49.8%. In less than five years, the average American has lost 50% of their wealth. According to usdebtclock.org, the current liability per taxpayer is $1,048,264. What happens when we have to pay our “fair share”?
Isn’t that the goal? Redistribution of wealth does not mean everyone becomes richer: it means everyone becomes poorer until they are in debt. Once a person is indebted to another person, company or government, they can be controlled. Isn’t this the definition of slavery? Once we understand that freedom is the opposite of slavery, we can focus on the common goal to restore our country. We can also focus on the cause of our slavery through debt: our elected officials. Love of country does not mean supporting the government: Love of Liberty requires us to defend freedom at all costs with sacred Honor.
David DeGerolamo
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The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes. Continue reading →
