by Randi Rhodes
posted Jun 13 2012 5:16PM
A new report from the Federal Reserve says that families’ median net worth fell 40 percent from 2007 to 2010. That’s not an easy concept to grasp. Let me put into three words—Bush screwed you. You wouldn’t see numbers like this if Republicans ran everything. For one thing—the numbers would be far worse. And for another, you would never see those numbers. Hello! The numbers were in a report from the Federal Reserve. If Republicans had their way, there would be no reports... and there would be no Federal Reserve.
Karl Rove blamed President Obama for the massive decline of 2007 to 2010. I guess Karl couldn’t see the decline very clearly because he was too busy causing it. Obama has been trying, and succeeding, in stopping the decline and reversing it. Blaming him for the decline is like blaming firemen who show up to save a building for the fire in the first place.
Fox News keeps saying American’s net worth is down 40 percent in just “THE PAST THREE YEARS.” They’re trying to make Obama responsible for the Bush recession, when in reality, Obama took responsibility for getting us out of it. Well, the report from the Fed covers the years 2007 to 2010. Here are some numbers you don’t need to be an economist to understand—2007 to 2010 is four years... and two of them were completely under George Bush. It’s not like the damage Bush did stopped on the day he left office. The man left a legacy!
Here’s a shocker—Newt Gingrich says that the current campaign finance system is rigged in favor of the wealthy. Here’s a bigger shocker—Newt thinks that’s a bad idea. Of course Newt opposes a system that favors the person with the most money—Newt realizes he’s not the one with the most money. I guess that became clear when Mitt Romney mopped the floor with Newt in the primaries. Newt prefaced his remarks by saying “I’m going to surprise you...” When Newt says that, it means he’s about to say something reasonable. Newt proposed “that any American can give any amount of after-tax personal income to the candidate as long as they report it every night on the internet.” That’s not nearly enough, but WAY more than you’d expect from Newt Gingrich.