Jun 17, 2012 11:28 PM GMT
Round about this time in the election cycle, a presidential challenger finds himself on the stump and posing a simple test to voters: "Ask yourself – are you better off now than you were four years ago?"
But, in fact, you don't need to ask yourself, because the Federal Reserve Board's Survey of Consumer Finances has done it for you. Between 2007 and 2010, Americans' median net worth fell 38.8 percent – or from $126,400 per family to $77,300 per family. Oh, dear. As I mentioned a few months ago, when readers asked me to recommend countries they could flee to, most of the countries worth fleeing to Americans can no longer afford to live in. [...]
Self-pity is never an attractive quality, and in an elected head of state even less so. Obama whines that his opponents say it's all his fault. One can argue about whose fault it is, but not, as my colleagues at National Review pointed out, whose responsibility it is: It's his. He's the only president we have. And he made things worse. He increased the national debt by some 70 percent, and what do we have to show for it? No dams, no railroads, no moon shots. Just government, and bureaucracy, and regulation, unto national bankruptcy.