Saturday, May 15, 2010

Senator Richard Burr is a failure

This was something I posted long ago, but deserves a repost:

The FED released the “Flow of Funds Accounts of the United States” report today. In a post in another blog, I outlined an abbreviated version of our nation’s net worth. It’s in balance sheet form, showing assets, liabilities, and net worth.

I thought it would be interesting to take a look at the balance sheet of Americans at three points in time:

  1. When George Bush came into office, Q1 2000.
  2. When our Nation’s Net Worth last peaked, YE 2007
  3. Present, Q2 2009

Assets - $ Trillions
Q1 00 Q4 07 Q2 09
Real Estate $11.3 $ 22.8 $ 20.0
Pension Funds 9.9 13.3 10.6
Ownership in businesses 4.7 8.7 7.0
Stocks 8.8 9.5 6.2
Bank and S&L deposits 4.4 7.3 7.7
Mutual funds 3.3 4.8 3.7
Durables (cars, washers, TVs, etc) 2.7 4.4 4.6
Corporate bonds .6 2.0 2.4
Money market funds .9 1.3 1.5
Life insurance reserves .8 1.2 1.2
Municipal securities .5 .9 1.0
Government securities & other 2.3 2.0 1.3




Total Assets 50.2 78.2 67.2




Liabilities


Home mortgages 4.7 10.5 10.4
Consumer credit 1.4 2.5 2.5
Other .9 1.3 1.1




Total Liabilities 7.0 14.3 14.0




Net Worth 43.2 63.9 53.2








US Population (millions) 278 297 305




Per person avg net worth $155 K $215 K $174 K

One key observation:

I’m a Republican, but I can’t help but be madder than hell at what a miserable job George Bush and Senator Richard Burr did in managing our economy. George came into office with the net worth of the average American being $155 K. The cost of living index from 2000 to 2009 was 23%. If we had simply kept pace with inflation, our net worth when Bush left office should have been $155 x 1.23 = $190 K. Republicans did such a miserable job managing our economy that we lost massive ground in our financial health. MASSIVE.

Although I'm a Republican, I've simply had enough of the ignorance of my state's Republican US Senator. This man needs to go. His leadership was absolutely miserable. We've made ZERO economic progress in this country while he served in Washington DC. ZERO. ZIPPO. NADA. NOTHING. North Carolina and our nation deserves better than our ignorant Republican Senator Richard Burr.

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