Thursday, March 08, 2007

Net worth of wealthy Americans skyrockets

I love this headline. Net worth of U.S. households skyrockets. I have to ask whose household? One can't fail to notice that they didn't break down the figures demographically. I have no doubt the net worth of the top 1 -10% of the income earners would have tipped those figures into the plus side.

The piece also reports debt is down "accounted for by much slower growth of home mortgage debt," as if that's a good thing, while in the understatement of the year ends the piece with this graf.
One risk facing the economy is that the housing slump will take an unexpected turn for the worse, a development that likely would cause consumers to clamp down. That could spell trouble for overall economic activity.
My mathetical ineptitude is legendary but even I can add this up to figure out the wealthy investors are moving out of the housing market. Houses are still selling but only in the high end middle class range and that end is becoming saturated. Meanwhile, a growing segment of the lower middle class is moving into the three paychecks from the street range and the already impoverished aren't seeing any light at all at the end of the tunnel of substinence living.

The White House steno teams can print any propaganda they like, but in the end the people are going to be looking into their purses to gauge their satisfaction with the economy. I'm thrilled to find out the CEO class is doing so well but I were them, I'd figure out a way to trickle down a little more of that net worth to the working class.

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Blogger Editor said...

my net worth is going down but I think I would make a good poet or drunk.

10:14:00 PM  
Blogger Libby Spencer said...

LOL Editor. Having looked at your blog, I'd have to agree. Bear with me, I'm really bad about updating my blogroll.

9:39:00 AM  
Blogger Editor said...

thanks, come visit me soon!

10:39:00 AM  

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