This page has been archived and commenting is disabled.

The One Chart That George Washington Would Not Want To See

Tyler Durden's picture





 

We discussed the inflationary costs and deflationary benefits of government action or inaction earlier - specifically with regard to the middle class. Bloomberg TV provided a succinct clip this morning that showed the one chart that Obama (and also Romney just as likely) would really not like to see. Loosely defined as lying between the ruling class and the proletariat, it would seem that George Washington himself would be distraught as the median net worth of the middle class has plunged 28% since 2000 back to early 90s levels (while the ruling class is up around 1%) and the lower tier down around 45%. Forget the lost decade, watch these 90 seconds to get a clue and see that Japan is not the only nation suffering under 20 years of subjugation.

 

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 09/18/2012 - 14:50 | Link to Comment ejmoosa
ejmoosa's picture

Wealth destruction is plan B.  Wealth Redistribution was plan A.

 

Tue, 09/18/2012 - 14:50 | Link to Comment Lohn Jocke
Lohn Jocke's picture

And people have the balls to say that he didn't deliver change.

Tue, 09/18/2012 - 14:54 | Link to Comment kaiserhoff
kaiserhoff's picture

Something bizarre and important is going on.  I realized a couple of days ago, that I could count the number of bumper stickers I have seen for both candidates ON ONE HAND.

It may be that people made their decision on this one long ago..., or maybe like many of us, they are simply making other arrangements.

Tue, 09/18/2012 - 15:20 | Link to Comment krispkritter
krispkritter's picture

I actually saw more Ron Paul signs this year than I've seen for these other two bozos up til now.  There's still a few large RP signs up on some farms nearby...

Tue, 09/18/2012 - 15:55 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

My Ron Paul sign is still up. Mom's was stolen a few weeks back. Got to take her my spare as well as a new Gadsden.

Tue, 09/18/2012 - 15:25 | Link to Comment Joe Davola
Joe Davola's picture

It would be hard to fit But it would have been worse had I not been elected and keep it readable.

 

Tue, 09/18/2012 - 15:30 | Link to Comment Think for yourself
Think for yourself's picture

Did you pay attention to the last few seconds of the video?
Beautiful!

- Host: "[...] that is something which we parents are always concerned about, that our kids are not ..."
- Guest (interrupting): "Doomed?" 

Tue, 09/18/2012 - 16:14 | Link to Comment Lore
Lore's picture

Actually it was "We do?"

Tue, 09/18/2012 - 18:39 | Link to Comment Think for yourself
Think for yourself's picture

Damn! I've listened to it again and you're right. It seems like my brain might've freudian slip'd on the interpretation. Still, it was also a truth in itself :)

Tue, 09/18/2012 - 22:37 | Link to Comment cynicalskeptic
cynicalskeptic's picture

On a planet with finite resources and a GROWING population it is IMPOSSIBLE for each succeeding generation to be 'better off' than the previous one - UNLESS you have a massive reduction in population like the Black Death where assets of many are 'redistributed' to fewer (the survivors inheriting the assets of the dead).  Technological progress  and the reduction in manufacturing costs improved the overall lifestyle of many but this was mainly due to CHEAP ENERGY - and is really restricted to the past 2 centuries.  This was an anamoly in the history of the world - one we squandered.

Truth is that even starting ouit with the same assets and advantages, there are always those who will do 'better' and those who will do 'worse'.  Get a good education, wait to have children and have fewer of them stay married and you will be better off that your less educated relatives who had large families starting young who got divorced. First hand experience and a HUGE gap.

 

The question is:  Does society provide a minimum 'safety net' for those who (often through no fault of their own) end up at the lower end of the income or wealth curve.  

And does society provide equal - or 'more equal' OPPORTUNITY for ALL or does it revert to a gorwing divide between 'haves and 'have-nots'?

 

The reality is tht there is enough total wealth on earth to make it possible for EVERY person (even at theis population level) to have potable water and adequate food.  Ther is NOT enough wealth for everyone to live a typical American 'middle class' life - with house, car, appliances et al.   

Tue, 09/18/2012 - 15:31 | Link to Comment lemonobrien
lemonobrien's picture

we know both niggas is against us; out of all the persidents, Obama proved the presidency doesn't mean nothing. "close gruantanamo", "end  the wars", "reduce the deficit".

Tue, 09/18/2012 - 15:54 | Link to Comment TonyCoitus
TonyCoitus's picture

I have not seen ONE Obama placard sign.  Not ONE!

 

A few Romney signs, but not many.

 

The election is just seven weeks from today.

 

Maybe somebody has stolen all the ink?

Tue, 09/18/2012 - 17:36 | Link to Comment ersatzteil
ersatzteil's picture

The ink supply has been allocated to printing moneyz - cartridges are being rationed at office supply stores as we speak.

Tue, 09/18/2012 - 17:41 | Link to Comment sgt_doom
sgt_doom's picture

Yo, kaiserhoff, according to USA Today polls (and I never read that putrid rag, so I can't vouch for them), a sizable proportion of Americans are thoroughly dissatisified with both candidates.

Last week I heard 28 different people on various American news outlets, all possessing college degrees, some with advanced degrees, who all claimed that we live in a "consumer-based economy" --- guess arithmetic wasn't on their education list?

Either everyone's retarded, or a bunch still don't get it:

We don't live in a consumer-based economy when only the top 20% are responsible for that 70% consumption figure --- which only makes sense given that the top 5 banks now make up the majority of the American GDP --- the natural outcome of super-concentrated wealth.

Hence, we live in a fantasy-finance based economy.

Why this isn't obvious to all by this time ......?

last chance for America:

Vote Dr. Jill Stein of the Green Party, or lotsa luck to the rest of us....

Tue, 09/18/2012 - 14:58 | Link to Comment LMAOLORI
LMAOLORI's picture

 

Oh come on now that's not entirely true he delivered Change for the Worse

More Evidence of Failure of Obama’s Policies: Census Data Shows Median Incomes Fall, Income Disparity Rises

Matt Stoller pointed out that income disparity, which is associated strongly with negative social indicators (crime rates, poor health outcomes) as well as lower growth, rose faster under Obama than Bush.


Read more at http://www.nakedcapitalism.com/2012/09/more-evidence-of-failure-of-obamas-policies-census-data-shows-median-incomes-fall-income-disparity-rises.html#IABwv2eR7DOBom1V.99

Tue, 09/18/2012 - 15:12 | Link to Comment Hype Alert
Hype Alert's picture

They don't want wealth.  Below the elite, they want a working class. 

Tue, 09/18/2012 - 15:27 | Link to Comment Manthong
Manthong's picture

Yeah, at least we have added a dozen million or so new lower class and illegal voters to help the democratic process along.

Tue, 09/18/2012 - 14:49 | Link to Comment williambanzai7
williambanzai7's picture

QE ZOMBIE MEETS GODZILLA

Tue, 09/18/2012 - 14:50 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

GO GO GODZILLA!

Tue, 09/18/2012 - 16:00 | Link to Comment Ness.
Ness.'s picture

Love it WB7!!

 

Reminded me of an old Blue Oyster Cult song...

 

http://www.youtube.com/watch?v=k6rDWqjnW7w

Tue, 09/18/2012 - 16:16 | Link to Comment ZakuKommander
ZakuKommander's picture

Best Godzilla scene . . . evah (and perhaps a parable on Hope and Change).

http://www.youtube.com/watch?v=c6721mE_Zns

Tue, 09/18/2012 - 14:50 | Link to Comment malikai
malikai's picture

"The middle class"

How quaint.

Tue, 09/18/2012 - 14:51 | Link to Comment Jason T
Jason T's picture

He loves this?? WTF  0:26

Tue, 09/18/2012 - 15:05 | Link to Comment Hype Alert
Hype Alert's picture

He's a big Krugman fan and Krugman wants to destroy wealth.

Tue, 09/18/2012 - 20:05 | Link to Comment Peter Pan
Peter Pan's picture

If government keeps growing the nation will shrink.

Tue, 09/18/2012 - 15:59 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

He was glad to see that others were presenting data which supported his position.

Tue, 09/18/2012 - 14:55 | Link to Comment Jlmadyson
Jlmadyson's picture

Pew: Median Income Worse Now than During the Great Recession.

http://washington.cbslocal.com/2012/09/18/report-median-income-worse-now...

Not only that but the drop during the last few years is as great as the drop in the recession.

Thought the recession ended 3 years ago? If it is not helping households then what is this so called recovery helping.

The Krugsters and Dudleys of the World need to explain the magical QE math on this one.

Tue, 09/18/2012 - 14:55 | Link to Comment random thoughts
random thoughts's picture

Just wondering what you mean by "ruling class".  The top 1% of income earners every year includes a very large number of people for whom entry into the club is a one-year visit.  People like small business owners who sell their businesses, or the secretaries at Microsoft who sell their lifetime's worth of options.  I assume that by "ruling class" you are referring to the John Corzines, lobbyists and others who game the system.  Don't mistake the top 1% of income earners for the "ruling class".  They are different beasts altogether.

Tue, 09/18/2012 - 14:57 | Link to Comment q99x2
q99x2's picture

The George Wash would recognise this as more fuel to sustain the revolution.

Tue, 09/18/2012 - 14:58 | Link to Comment Rainman
Rainman's picture

This is bullish for double wides and trailer parks.

Tue, 09/18/2012 - 15:51 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

That would make the 'Oligarch of Omaha' happy.

Tue, 09/18/2012 - 16:22 | Link to Comment LMAOLORI
LMAOLORI's picture

 

No doubt and that evil little bazztard soro's as well

Buffett’s Betrayal

Tue, 09/18/2012 - 15:02 | Link to Comment Hohum
Hohum's picture

The 18th century George Washington would say, "what's a middle class?"

Tue, 09/18/2012 - 15:38 | Link to Comment Belarusian Bull
Belarusian Bull's picture

In those times, middle class were probably heavily wounded, since they are not dead yet, but not really alive as well.

Tue, 09/18/2012 - 15:04 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Let's have a national yard sale. I promise to barter for your used shit if you'll barter for mine.

BTW how much for that doggie in the window? Does it come fixed?

<If wealth re-distribution is the plan, let's re-distribute to ourselves.>

Tue, 09/18/2012 - 16:30 | Link to Comment NotApplicable
NotApplicable's picture

Fuck 'em, and their law!

Tue, 09/18/2012 - 15:28 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Have you got LAYAWAY?

Chris Rock as "Cheap Pete"

Tue, 09/18/2012 - 15:07 | Link to Comment TheSilverJournal
TheSilverJournal's picture

Imagine if inflation was actually calculated correctly...

Tue, 09/18/2012 - 15:10 | Link to Comment Mercury
Mercury's picture

Bloomberg TV provided a succinct clip this morning that showed the one chart that Obama (and also Romney just as likely) would really not like to see. Loosely defined as lying between the ruling class and the proletariat, it would seem that George Washington himself would be distraught as the median net worth of the middle class has plunged 28% since 2000...

No, if you want to grow government you want the net worth of the voting majority to plummet so that they are most dependant on government.

Tue, 09/18/2012 - 15:13 | Link to Comment Temporalist
Temporalist's picture

Well that would also include driving poor, uneducated and feebleminded people into the armed forces because they have little to no alternative.  Poor people make the most abundant cannon fodder.

Tue, 09/18/2012 - 15:41 | Link to Comment Mercury
Mercury's picture

Driving them to the voting booth is good enough. 

You serve your country these days by voting for more government.  They'll take care of the rest.

Besides, today's US military has standards which a very large percentage of Americans can't measure up to. The days of maintaining pack animals, pulling on ropes and twenty thousand men charging across a field at once are over.

Tue, 09/18/2012 - 16:34 | Link to Comment JohnG
JohnG's picture

My grandson (in law....I don't claim the moron) tried to enlist.  The army refused because he had no HS diploma.

He works in a car wash.

Tue, 09/18/2012 - 16:53 | Link to Comment kaiserhoff
kaiserhoff's picture

No problemo John.  Just tell him to claim degrees from Occidental, Columbia, and Hahvud.  They don't give out no information bout nobody;)

Tue, 09/18/2012 - 15:09 | Link to Comment 10mm
10mm's picture

If George was here to see all this "SHIT" set of systems,he would asked to be beamed back ASAP.

Tue, 09/18/2012 - 15:08 | Link to Comment Temporalist
Temporalist's picture

I know how to solve this.  People have to eat every day.  Cut that in half.  Boom!  Instant recovery and everyone has mo' money.

Make it rain Ben!  Make it rain!

Tue, 09/18/2012 - 15:11 | Link to Comment Undecided
Undecided's picture

I would be very wealthy if i had those two anchors on my lap :)

Tue, 09/18/2012 - 15:11 | Link to Comment kralizec
kralizec's picture

This is chart is obviously racist.  Everybody knows Obama is all about supporting the middle class and sticking it to all those rich, white cracker SOB's!  So stop posting racist charts Tyler and start saying nasty things about Romney!  Stick to the script!

/Sarc off

Tue, 09/18/2012 - 15:14 | Link to Comment AldoHux_IV
AldoHux_IV's picture

It's cute to hear media talk about the middle class-- almost waiting for them to say peasants by accident.

Tue, 09/18/2012 - 15:37 | Link to Comment socalbeach
socalbeach's picture

<== Obama is hurting the middle class and America, and nobody could be worse.

<== Romney would be worse than Obama for the middle class and America.

                    0     <== Both Obama and Romney are loyal Americans who have the interests of the middle class at heart.

Tue, 09/18/2012 - 15:20 | Link to Comment hustler etiquette
hustler etiquette's picture

I've been a visitor to this site for years, yet no matter the browser i use, the right side of any media is blocked by ad space. any way around this?

Tue, 09/18/2012 - 15:24 | Link to Comment krispkritter
krispkritter's picture

Ctrl key and the scroll button on your mouse or the + or - key on the keyboard will resize the browser window. Ctrl-0 (zero) will restore it.  Or you can maximize the video or open it in another window/tab.

Tue, 09/18/2012 - 16:28 | Link to Comment LMAOLORI
LMAOLORI's picture

 

 

You can get an extension free AdBlock and block all the ads if you use google chrome I'm not sure about other browsers I stopped using them.

Tue, 09/18/2012 - 15:22 | Link to Comment Cursive
Cursive's picture

Wealth destruction is one thing, but real incomes are another and real incomes for median families are back down *officially* to 1989.  That's 23 years of sucking ass with your paycheck.

Tue, 09/18/2012 - 18:06 | Link to Comment Esso
Esso's picture

"...real incomes for median families are back down *officially* to 1989."

I'd guess in the real world, incomes have been dropping since about 1972 in Uhmerikka.

Tue, 09/18/2012 - 18:46 | Link to Comment Son of Loki
Son of Loki's picture

Just another reason why house prices will not stop their downward trend and stabilize.

This will go on for 10, maybe 20 years.  Look at Japan.

Tue, 09/18/2012 - 15:50 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

If the US economy was working for people in Vermont they would have enough tokens to get a train to NY or DC but not a car or plane.

en.wikipedia.org/wiki/St._Albans_(Amtrak_station)

 

 

A decline of 13% to a amazing 3,023 in Y2011 , I mean come on !!! 3,023 people used the fucking train station !!

This is a combined monetary & private ownership of the commons crisis.

All of the input /output signals are fucked up.

This is not a oil / energy crisis.

This is a free banking malinvestment crisis.

 

Meanwhile in the land of almost free Kerosene

Burlington International Airport (April 2011 - March 2012) destinations out.. 

To

JFK : 170,000 passengers

Newark LGA : 36,000

Wash DC  IAD :54,000

Wash DC DCA : 52,000

 

Go figure ..........

Yee are wasting energy that could do some usefull work otherwise.

Its a waste based system.

Why ?

Because the money is fully privatised - it turns waste into interest............simple.

Now it is having difficulty turning the waste into interest as there is now very little to waste under the current monetary system.

 

Tue, 09/18/2012 - 20:19 | Link to Comment Umh
Umh's picture

I can only say that the trains are so bad that people would rather stand in line to be groped and bullied than take a train. Many years ago I took a train from the mid atlantic to the deep south and it was an enjoyable experience. You have to remember that at 18 I wasn't carrying a lot of baggage and had no schedule to follow whereas today my wife packs for every possibility and this influences my opinion. There are still places in the US where flying is not a realistic option; it can take longer to fly 600 miles than to rent a car and drive there. The government runs the trains; they only fuck with airline travel.

Tue, 09/18/2012 - 15:32 | Link to Comment Belarusian Bull
Belarusian Bull's picture

lol @ 1:32

-We, as parents, always worry about

-We do?

Ahahaha

Tue, 09/18/2012 - 15:36 | Link to Comment rustymason
rustymason's picture

I see no problem here. Just keep soaking it.

Tue, 09/18/2012 - 15:42 | Link to Comment suckerfishzilla
suckerfishzilla's picture

If the net worth gets lower for the middle class soon everyone will be a member of that exclusive club. 

Tue, 09/18/2012 - 15:51 | Link to Comment oldman
oldman's picture

What Great News!!!!!!

Maybe there will be a chance for change, after all

After all of the bourgeois have become just plain common people

But then again

You just never know           om

Tue, 09/18/2012 - 16:15 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Yee don't have to follow the Yellow brick road to figure whats going on..... merely follow the Vermonter

 (2011)

Essex Junction (Amtrak station) : 21,798[1]   -4.6%

Waterbury (Amtrak station) :4,818[1]   -6.1%

Montpelier (Amtrak station) :7,031[1]   -6.2%

Randolph (Amtrak station) :1,897[1]  +2%

White River Junction (Amtrak station) :14,109[1]  -14%

Windsor-Mt. Ascutney (Amtrak station) :687[1]  -41%

Claremont (Amtrak station) :1,240[1]  -37%

I thought this was a oil crisis ?

Bellows Falls (Amtrak station) :4,364[1]   -6.2%

Brattleboro (Amtrak station) :15,223[1]  -1.7%

Tue, 09/18/2012 - 16:33 | Link to Comment NotApplicable
NotApplicable's picture

Washington? Wasn't he one of the richest "Americans" at the time?

Tue, 09/18/2012 - 16:54 | Link to Comment Totentänzerlied
Totentänzerlied's picture

I don't get it, a decade is now 27 years?

Tue, 09/18/2012 - 17:05 | Link to Comment Van Halen
Van Halen's picture

Drudge has this little Obama gem on his headline now...

http://www.youtube.com/watch?v=ge3aGJfDSg4

Tue, 09/18/2012 - 18:30 | Link to Comment Ginsengbull
Ginsengbull's picture

So the filthy rich are only up 1%, while the middle and lower are down 26% and 45%?

Seems to me that the top 1% should be up wayyyy more than that.

Consider how all the kids want smart phones, pimped cars, and designer drugs.

They're enslaving themselves.

Tue, 09/18/2012 - 20:26 | Link to Comment Umh
Umh's picture

When i really think about it the main difference between to rich and the middle class is that the rich have enough smarts and resources to get through the tough spots while the middle class runs out of resources and has to start over again and again and again. It's like getting divorced; every time you do it it sucks money out of you.

Tue, 09/18/2012 - 18:45 | Link to Comment Darth Rayne
Darth Rayne's picture

Just wondering. Is a 'toxic asset' one that is worth far less than was originally believed?

The FED appears to be collecting rather a lot of these 'toxic assets'.

If the FED somehow destroyed the dollar, would these 'toxic assets' now be renamed assets?

 

I am sorry for this rather stupid post. I have just read that the FED has a mandate to protect the dollar. I am such an idiot.

 

Tue, 09/18/2012 - 18:55 | Link to Comment Silver Alert
Silver Alert's picture

How can I capture this video (Bloomberg) to save it on a flashdrive?

Mon, 09/24/2012 - 10:30 | Link to Comment andyupnorth
andyupnorth's picture

Snaggit or equivalent.

Or perhaps Firefox web browser and flv add-on.

Tue, 09/18/2012 - 21:31 | Link to Comment andyupnorth
andyupnorth's picture

If you make over $25k per year, your are the 1% and must share your income with the rest of the globe.

Do NOT follow this link or you will be banned from the site!