A recent report from the Pew Charitable Trusts tallies up each US household's share in the economic collapse. Your household's share? $104,350. That includes lost income, government bailouts, and both reduced home values and reduced stock values.
Pew says:
- Income - The financial crisis cost the U.S. an estimated $648 billion due to slower economic growth, as measured by the difference between the Congressional Budget Office (CBO) economic forecast made in September 2008 and the actual performance of the economy from September 2008 through the end of 2009. That equates to an average of approximately $5,800 in lost income for each U.S. household.
- Government Response - Federal government spending to mitigate the financial crisis through the Troubled Asset Relief Program (TARP) will result in a net cost to taxpayers of $73 billion according to the CBO. This is approximately $2,050 per U.S. household on average.
- Home Values - The U.S. lost $3.4 trillion in real estate wealth from July 2008 to March 2009 according to the Federal Reserve. This is roughly $30,300 per U.S. household. Further, 500,000 additional foreclosures began during the acute phase of the financial crisis than were expected, based on the September 2008 CBO forecast.
- Stock Values - The U.S. lost $7.4 trillion in stock wealth from July 2008 to March 2009, according to the Federal Reserve. This is roughly $66,200 on average per U.S. household.
- Jobs - 5.5 million more American jobs were lost due to slower economic growth during the financial crisis than what was predicted by the September 2008 CBO forecast.
Big thanks EA for stopping the sock puppet from rambling on every time I reload the page. A++
ReplyDeleteIt seems the Sock Puppet is disappointed that the 'hole in the bottom of the sea' is has been plugged before he had a chance to don his wetsuit and repair it himself. It's also reassuring to know that the Feds are finally in charge now....perhaps they can fix the Gulf the same way they they fixed the economy.
ReplyDeleteDon't worry no matter what we owe we won't pay it...Everyone in the KNOW understands it...It's just a game where only the suckers get left holding the bag.
ReplyDeleteNow will there be a collapse? Yes.
Will most of the people who caused this enjoy their greedy stealing? No...Only the super rich will...All the others will lose along with us...if the they didn't make millions and have it outside the country then they will lose their paper assets and be just as screwed as us with even less survival skills...Just living in a huge empty home they can neither protect or upkeep.
Yes that means all the snotty realtors/middle bank managers/financial advisors etc etc...All those idiots will suffer a fall...Only the UBER rich will get out and weather the storm in shape.
As for the rest of us? We deserve it for being such a bunch of ignorant, uneducated, do- nothing bunch of idiots...But like TJ stated "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
send me the bill home
ReplyDeletei have lost a LOT more than that...
ReplyDeleteFTA