Americans' Wealth Drops 40 Percent

Obama said he had all the answers.

He was wrong.

What has Obama done that was successful in pulling us out of the recession?

NOTHING.

Americans have seen their wealth plummet. In just three years, decades of progress were wiped out.

Where's the recovery?

From the Washington Post:

The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with ?middle-class families bearing the brunt of the decline.

The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

The data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross.

The findings underscore the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has seen only a halting recovery.

No doubt, Obama will say the recession was so severe that he couldn't deliver on his promises of recovery. He couldn't improve the lives of the middle class as he promised.

Certainly, recovery takes time. The problem is Obama isn't taking measures to help. To the contrary, Obama is making things worse.

His class warfare rhetoric doesn't help grow the economy. His hostility toward the private sector and job creators achieves nothing.

Obama's economic policies have been disastrous. Killing the private sector is a bad strategy if Obama wants the economy to improve.

If Obama wants to doom the future of America by turning us all into dependents on an unsustainable big government, he's doing a bang-up job.

Bottom line: Obama has failed miserably. He is an irresponsible, selfish president.

Obama has not delivered when it comes to the American dream. He can take credit for the current nightmare.