Thursday, December 9, 2010

Flow of Funds Report = Richard Burr's failure

The Fed just released it's quarterly Flow of Funds report. It's a snapshot of the net worth of American Households (meat of it is on report page 104, PDF page 111). It adds up the assets, subtracts the debts, and tells us what we're worth. Americans are $10 Trillion poorer since we first sent our idiot Republican Senator Richard Burr to the US Senate. Nice job there Senator Burr.

Where have we lost our wealth? A rough look at where we have been hurt:

$5 Trillion up in smoke in housing
$1 Trillion gone from our stocks and mutual funds
$1 Trillion down the drain in our retirement assets
$2 Trillion went poof from the value of our private businesses
and another $1 Trillion here and there.

And the real kicker, this accounting doesn't even consider what we're piling on our shoulders in the way of national debt! Since Richard Burr's been in the US Senate, we've added about $7 Trillion to our national debt. $10 Trillion here, $7 Trillion there ... pretty soon you begin to wonder how it is that we tolerate Richard Burr's incompetence.

If there was ever a report card sent home with our politicians, it's the net worth of America. Our Senator Richard Burr has overseen the destruction of many Trillions in American wealth. I don't know about you, but I'd rate his effort one hell of an "F". Our Republican Senator is a failure.

North Carolina deserves better than Republican Senator Richard Burr.

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