We're $31.5 Trillion Wealthier, Apparently

[Frodo]

Who knew?

Report: U.S. Wealth Grows By $31.5 Trillion During Obama Presidency

By Steven Dennis
Posted at 4 p.m. on Nov. 10

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[King]

These numbers are a little odd. Something tells me the reporter of this article has completely misread the report he's basing it off.

[pbrower2a]

First, the securities markets have improved dramatically. Even without a speculative boom, the American economy has rebounded -- big. Stock prices have on the average nearly doubled in a little less than six years. Not many Administrations can claim that.

What has gone wrong is that the gain has on the net all gone to the economic elite, so few Americans feel much benefit.

[memphis]

This is a little bit misleading. Markets were in an unusual place when Obama assumed the Presidency. Also, many people have an enormous percent of their total net worth tied up in their primary residence, which I suppose could technically make one a millionaire, but the value isn't in a very accessible vehicle. I do think there is a serious case to be made, however, that Obama has done almost nothing to stop the ongoing and ever growing ClusterInks of inequality in the United States.

[angus]

the net worth of United States households has soared $31.5 trillion

Soaring private wealth also has come as federal debt ... has jumped more than $7 trillion

Not a bad investment, really.  Each dollar of federal debt increase nets 4.5 dollars in household wealth.

Am I reading that right?

[Snowstalker Mk. II]

I wonder where it all went?

[The Mikado]

Given that when Obama was elected the stock markets were at 15 year lows (and not much better when he was inaugurated) and today they're at record highs, this seems more a matter of starting counting at exactly the right time.

If the comparison was with late 2007 to today the number would be far less impressive, it's worth keeping in mind just how much wealth was destroyed in 2008.

[○∙◄☻¥tπ[╪AV┼cVê└]

When he took office, the S&P 500 was 805.22. Today it's 2039.68. That's an increase of over 150%. Of course it's not good enough for the greedy Wall Street fat cats.

[pbrower2a]

When he took office, the S&P 500 was 805.22. Today it's 2039.68. That's an increase of over 150%. Of course it's not good enough for the greedy Wall Street fat cats.

They want even more -- ultimately, for all Americans to be their serfs.

To Hell with them if they try! Literally!