Selling Lies: The Attack on Social Security
Political choices, not economic forces alone, have shaped the future prospects of the Social Security system.
The Fed reported today that household net worth has fallen for a sixth straight quarter. The latest quarterly drop was a staggering 9%, the largest quarterly drop since record-keeping began in 1951.
Household net worth has fallen 20% from its high of $64.36 trillion in the second quarter of 2007 to $51.48 trillion in the fourth quarter of 2008.
Over 4 million jobs have been lost since the recession formally began at the end of 2007.