brain sizes: Einstein's and women's
johnknight at usa.com
Wed Aug 7 14:39:31 EST 2002
The Net Worth Of American Households
$7.8 trillion in the hole
In just two years, America's "investors" lost another $7.2 trillion in the
For the first time since the Great Depression, our Personal Savings RATE
became NEGATIVE, an honor conferred on no other industrialized nation
The median value of American's household assets was 21% higher in 1983 than
in 1993 per the Census Bureau.
Consumer credit increased more than four fold from $355 billion in 1980 to
$1,569 billion in 2000.
Mortgage debt increased more than five fold from $934 billion in 1980 to
$5,277 billion in 1997, US Statistical Abstract
Public debt increased by $1,177 billion, from $4,351 billion
http://www.access.gpo.gov/usbudget/fy2000/hist.html#h7 in 1993 to
$5,528,488,599,737 in 1998 http://www.dailyrepublican.com/nationaldebt.html
State CAFRs show governments have $60 trillion in liquid assets.
President Clinton transferred another $270 billion from households which
were already an average of $77,880 in debt to single-mother households so
they can raise bastards.
The net worth of the average American household is a negative $77,000 each.
A Must See: Another important perspective on our debt by Michael Hodges
The month immediately after President Clinton declared that we had that $39
billion surplus, our Public Debt jumped $41 billion
http://www.dailyrepublican.com/nationaldebt.html. Since that "surplus" has
been broadcast nationwide as "good news", our Personal Savings RATE went
NEGATIVE http://www.bea.doc.gov/bea/dn/pitbl.htm for the first time since
the Great Depression, and has been running at a NEGATIVE 0.6% of Personal
Income ever since.
The total amount of tax money transferred from men to women through the EIC
and Child Tax Credit is already approaching half a trillion dollars and will
be another $270 billion over the next 5 years. All of this is not coming
from "wealthy households"--it's coming from households which already
collectively have more than $7 trillion in negative net worth.
Census Bureau data regarding the median values of holdings for asset owners"
is not available for years later than 1993. Between 1984 and 1993 there was
a dramatic decrease in values of assets like "interest earning assets" (down
42%), "checking accounts" (down 25%), and homes (down 21%). This estimate
is therefore too high because it does not take into account the probable
decrease between 1993 and 1999. The latest year for which US Statistical
Abstract data for things like "mortgage debt" and "consumer credit" is
available is 1997. Projecting a total increase of $738 in this debt between
1997 and 1999 is probably too low, but this figure is used to be
The Census Bureau http://www.census.gov/hhes/www/wealth/wlth93a.html survey
reports that the median per household interest earning asset for each of 71
million households was $2,999 in 1993. But when the Public Debt per 71
million households was subtrtacted, they had a NEGATIVE worth of $58,196 per
The Census Bureau also notes that 8.6 million American households had a
median of $12,998 in market funds, securities, and bonds. But when the $241
billion in consumer credit was subtracted from it, they had a NEGATIVE of
$14,990 per household. US Statistical Abstract.
About the only asset in the average American household in 1993 with any
equity is their auto, which had a median value of $5,140 for each of the
85.7 million households who had vehicles. When the $838 billion in
Automobile Consumer Credit was subtracted, though, they had an average
equity of only $1,779 each. The only problem with believing that there was
any equity in the average household is the $3,448 billion in mortgage debt
which, when subtracted from the $46,669 median value of homes owned by
occupants, exceeded the total value of homes by $2,754 each.
Owning their own businesses gave them an apparent average of $62,685 in
assets, but when $677 billion in commercial mortgates were subtracted, their
negative equity was $55,685 each. Anyone who has the mistaken impression
that people who owned stocks and mutual funds were "creating wealth" or have
"wealth" in the bank in 1993 must understand that THEY DIDN'T! When the
Revolving Consumer Debt of $310 billion was subtracted, each of their
households was another $7,797 in the hole. These debts increased by $2,645
billion between 1993 and 1997, a time during which real estate values
nationwide declined enough to assume that this decrease in equity wiped out
any other equity gains, adding another $26,450 of debt per household.
Even after the median $499 in each checking account, the $775 in US Savings
Bonds, the $12,985 in IRA/Keogh accounts, the $19,415 in "other real estate"
like farms, and the $21,001 in "other financial institutions" are added in,
American households had a NEGATIVE net worth each of $44,050 in 1993,
$70,500 in 1997, and $77,880 in 1999.
This President is not "supporting working families". He is not even taking
"wealth" from the men who earned it and handing it over to single-mother
households who spend it to create geometrically expanding social
pathologies. He is putting families which are already an average of $77,880
in debt, into even deeper debt, and mortgaging our children's futures to the
hilt in the process.
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