- THAT WAS THE HEADLINE: "AMERICANS POORER THAN A YEAR AGO" - AND IT'S FALSE.
- IT'S A DELIBERATE DISTORTION OF DATA AND THE FACTS TO MAKE THE ELECTORATE MORE NEGATIVE ABOUT WHERE WE ARE RIGHT NOW - AND TO MAKE THEM DESIRE A CHANGE, IE: TO MAKE THEM VOTE DEMOCRAT.
BOO-HOO'N WHOOPDY-FREAKIN-DOO. SEVEN-FREAKIN-TENTHS OF ONE-FREAKIN PERCENT. BIG DEAL.
- The headline assumes that Americans on the whole were poor even before the fourth quarter drop in household net worth (you can’t get “poorer” unless you were “poor” already). This is beyond ridiculous and crosses the line into insulting our intelligence. Poor? Americans are clearly the richest “poor” people in human history. My math shows that the average person in America is worth $190,000 ($57.7 trillion divided by a population of 303 million).
... Nutting does make a valid point: The 3.4% increase in household net worth during 2007 is less than the year’s reported 4.1% inflation, meaning that real net worth indeed declined during last year.
- The subheadline (”net worth down 3.6% in fourth quarter”) is flat-out wrong; the text of the article itself tells us that the drop is a “3.6% annual rate.” But what’s with the annualizing, anyway? The drop in household net worth during the quarter was 0.91%; the only reason to annualize it as Nutting did is to make the decline look worse than it really was.
... Real household net worth increased almost 28% between 2002 and 2006, before falling back a “whopping” 0.7% in 2007.
READ THE WHOLE THING - HE'S GOT GRAPHS AND LINKS.