This blog is cross-posted at StewartAcuff.com
New data shows that during the height of America’s depression-recession from 2007-2009, AMERICAN FAMILIES LOST $16 TRILLION. THAT IS MORE LOSS THAN ANYONE EVER REALIZED.
EVEN WORSE, AMERICAN FAMILIES HAVE ONLY RECOVERED 45% OF THEIR WEALTH.
All this while the stock market has more than rebounded and is climbing everyday.
ALL THE WEALTH THAT HAS BEEN RECOVERED HAS GONE TO THE TOP 7%.
President Obama’s appointment of Jason Furman as Chair of the Council of Economic Advisors will not help this ongoing crisis.
We need an economics team in the White House that is completely focused on rebuilding the middle class and helping working families rebuild family wealth and move forward. We need solid economic policy that pushes wealth down into the pockets of working families so that that same wealth can percolate back up through the economy five times in retail sales, home building and housing sales and renovation, tithes to houses of worship, local school taxes, and re-hiring public employees.