The Net Worth Of American Households
$7,788 billion in the Hole
President Clinton will transfer $270 billion
from households which were already an average of $77,880 in debt to single-mother
households who will raise bastards. http://fm.education.webjump.com/supportworkingfamilies.pdf
Median values of most household assets declined significantly between 1983 and 1993 per the Census Bureau http://www.census.gov/hhes/www/wealth/wlth93a.html
Consumer debt increased by $400 billion, from $839 billion in 1993 to $1,236 billion in 1997, per US Statistical Abstract http://fm.education.webjump.com/sasec16.pdf
Mortgage debt increased by $1,071 billion, from $4,206 billion in 1993 to $5,277 billion in 1997, US Statistical Abstract http://fm.education.webjump.com/sasec16.pdf
Public debt increased by $1,177 billion, from $4,351 billion http://www.access.gpo.gov/usbudget/fy2000/hist.html#h7 in 1993 to $5,528,488,599,737 in 1998 http://www.dailyrepublican.com/nationaldebt.html
The month immediately after President Clinton
declared that we had that $39 billion surplus, our Public Debt jumped $41 billion http://www.dailyrepublican.com/nationaldebt.html.
Since that "surplus" has been broadcast nationwide as "good news", our
Personal Savings RATE went NEGATIVE http://www.bea.doc.gov/bea/dn/pitbl.htm
for the first time since the Great Depression, and has been running at a NEGATIVE 0.6% of
Personal Income ever since.
The total amount of tax money transferred from men to women through the EIC and Child Tax Credit is already approaching half a trillion dollars http://fathers.ourfamily.com/menpy115.htm and will be another $270 billion over the next 5 years http://fm.education.webjump.com/supportworkingfamilies.pdf. All of this is not coming from "wealthy households" http://fathers.ourfamily.com/debt.htm--it is coming from households which already collectively have more than $7 trillion in negative net worth.
Census Bureau data regarding the median values of holdings for asset owners" is not available for years later than 1993. Between 1984 and 1993 there was a dramatic decrease in values of assets like "interest earning assets" (down 42%), "checking accounts" (down 25%), and homes (down 21%). This estimate is therefore too high because it does not take into account the probable decrease between 1993 and 1999. The latest year for which US Statistical Abstract data for things like "mortgage debt" and "consumer credit" is available is 1997. Projecting a total increase of $738 in this debt between 1997 and 1999 is probably too low, but this figure is used to be conservative.
The Census Bureau http://www.census.gov/hhes/www/wealth/wlth93a.html
survey reports that the median per household interest earning asset for each of 71 million
households was $2,999 in 1993. But when the Public Debt per 71 million
households was subtrtacted, they had a NEGATIVE worth of $58,196 per household.
The Census Bureau also notes that 8.6 million American households had a median of $12,998 in market funds, securities, and bonds. But when the $241 billion in consumer credit was subtracted from it, they had a NEGATIVE of $14,990 per household. US Statistical Abstract http://fm.education.webjump.com/sasec16.pdf.
About the only asset in the average American household in 1993 with any equity is their auto, which had a median value of $5,140 for each of the 85.7 million households who had vehicles. When the $838 billion in Automobile Consumer Credit was subtracted, though, they had an average equity of only $1,779 each. The only problem with believing that there was any equity in the average household is the $3,448 billion in mortgage debt which, when subtracted from the $46,669 median value of homes owned by occupants, exceeded the total value of homes by $2,754 each.
Owning their own businesses gave them an apparent average of $62,685 in assets, but when $677 billion in commercial mortgates were subtracted, their negative equity was $55,685 each. Anyone who has the mistaken impression that people who owned stocks and mutual funds were "creating wealth" or have "wealth" in the bank in 1993 must understand that THEY DIDN'T! When the Revolving Consumer Debt of $310 billion was subtracted, each of their households was another $7,797 in the hole. These debts increased by $2,645 billion between 1993 and 1997, a time during which real estate values nationwide declined enough to assume that this decrease in equity wiped out any other equity gains, adding another $26,450 of debt per household.
Even after the median $499 in each checking account,
the $775 in US Savings Bonds, the $12,985 in IRA/Keogh accounts, the $19,415 in
"other real estate" like farms, and the $21,001 in "other financial
institutions" are added in, American households had a NEGATIVE net worth each of
$44,050 in 1993, $70,500 in 1997, and $77,880 in 1999.
This President is not "supporting working families". He is not even taking "wealth" from the men who earned it and handing it over to single-mother households who spend it to create geometrically expanding social pathologies. He is putting families which are already an average of $77,880 in debt, into even deeper debt, and mortgaging our children's futures to the hilt in the process.
|Asset||Median Per Household||Liability||Median Per Household||Net Per Household||Net $billions|
|Interest earning assets at financial institutions in 71.1 million households||$2,999||Public Debt per 71.1 million households||$61,195||-$58,196||-$4,138|
|Market funds, securities, bonds, other interest-earning assets in 8.6 million households||$12,998||Other consumer debt per 8.6 million households||$27,988||-$14,990||-$129|
|Stocks, mutual funds per 21 million households||$6,960||Revolving consumer debt per 21 million households||$14,757||-$7,797||-$164|
|Own home in 64.3 million households||$46,669||1-4 family home mortgage debt per 64.3 million households||$49,425||-$2,754||-$177|
|Rental property in 8.4 million households||$29,300||5 or more units mortgage debt per 8.4 million households||$32,024||-$2,724||-$23|
|Business or profession per 10.8 million households||$7,000||Commercial mortgages per 10.8 million households||$62,685||-$55,685||-$601|
|Vehicles per 85.7 million households||$5,140||Automobile consumer credit per 85.7 million households||$3,361||+$1,779||+$152|
|Checking accounts per 45.9 million households||$499||+$23|
|US Savings Bonds per 18.5 million households||$775||+$143|
|IRA/Keogh accounts per 23.1 million households||$12,985||+$300|
|Other real estate per 9.3 million households||$19,415||Farm mortgages per 9.3 million households||$8,710||$10,705||+$100|
|Other financial institutions per 5.2 million households||$21,001||+$109|
|Total 1993 per 100 million households||-$44,050||-$4,405|
|GRAND TOTAL 1999||-$77,880||-$7,788|