by JOHN NOLTE (/COLUMNISTS/JOHN-NOLTE) 1 Dec 2012, 6:47 AM PDTPOST A COMMENT The angle of a just-released New York University study(http://rt.com/usa/news/us-middle-class- percent-744/) is, of course, that ole' left-wing canard known as "income inequality," but the findings are still useful in drawing other conclusions, and not ones th at are verypleasant. Is America now a bigger version of Chicago, where Democrats and the media have so expertly rigged the electoral game that, even as their policies fai,l they're able to stay in power? According to the study, we are now back to 1969 levels with respect to median net wor th in this country. A large part of this is the housing crisis we've yet to recover from, which cost the middle class 18% of its net worth. The news isn't much better with respect to median incomes, which have dropped to $26,364, setting us all the way back to 1999. And as middle class incomes declined, the debt-load among th e middle class has increased "significantly." In a nutshell: those of us in the middle class earn less, are worth less, and owe more. Meanwhile, during this same period of time, the wealthy increased their wealth by an unbelievable 71%. Normally, I don't care about the gap between the rich and the rest of us. I'm not rich, and at the age of 46, it's probably safe to say I'll never be rich; but I didn't care because I begrudge no one their success. But that was before… UNITED ST A TES OF CHICAGO: MIDDLE CLASS NET WORTH COLLAPSES TO 1969 LEVELS MOST POPULAR United States of Chicago: Middle Class Net-Worth Collapses to 1969 Levels (http://www.breitbart.com /Big-Government/2012/12/01/Middle- Class-Net-Worth-Collapses-to-1969- Levels) 160 comments 12 minutes ago ObamaCare Fallout: Walmart Ends Insurance For New Hires (http://www.breitbart.com /Big-Government/2012/12/01/Nation- Largest-Employer-Ends-Insurance- Sends-New-Workers-To-ObamaCare) 113 comments 0 minutes ago Can the Republican Party Avoid the Fate of the Whigs? (http://www.breitbart.com /Big-Government/2012/11/30/Can- the-Republican-Party-Avoid-the-Fate- of-the-Whigs) 775 comments 51 minutes ago Obama's Insulting Fiscal Cliff Proposal Lauded as 'Strategic Move' (http://www.breitbart.com /Big-Journalism/2012/11/29/Obama- s-Insulting-Fiscal-Cliff-Proposal- Lauded-as-Strategic-Move) 469 comments 54 minutes ago Bloomberg: NRA Dying, Americans Want More Gun Control (http://www.breitbart.com /Big-Government/2012/11/30/Mayor- Bloomberg-Election-Proves-NRA-Is- Dying-And-Americans-Want-More- Gun-Control) 292 comments 8 minutes ago BREITBART VIDEO PICKS 162 United Stat es of Chicago: Middle Class Net W orth Collap ses to 1969 Levels http://www .breitbart.com/Big- Government/2012/12/01/Middle-Class-N... 1 of 13 12/1/2012 1:34 PM
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7/30/2019 United States of Chicago- Middle Class Net Worth Collapses to 1
Before we looted the Treasury and mortgaged the futures of generations to bail out the Too
Big To Fails; before we started losing ground while the Bailed Out prospered.
What's especially troubling, though, is that it didn't have to be like this. All of us, rich and
poor alike, would be doing fine had Barack Obama only done what Ronald Reagan did
when Reagan inherited an economic situation even more dire than the one Obama
inherited. Instead of getting out of the way of the economy, though, Obama did just the
opposite.
Obama exploded the deficit, attempted to micro-manage the economy through a failed
stimulus, enslaved tens of millions on various forms of social welfare, hyper-regulatedeverything through policies like Dodd-Frank, and created years of economic uncertainty
with leviathans like ObamaCare and the creation of one debt ceiling/fiscal cliff economic
crisis after another.
Now those of us in the middle class are going backwards. The rich, however, are getting
richer, because the rich always get richer. What's galling this time, though, is that the size
of the pie is decreasing for the rest of us.
Which wouldn't be so troubling had Obama not just won re-election -- in large part with
the support of the wealthy who understand that Obama's class warfare rhetoric isn't so
much about punishing them as it is about empowering the government -- which in turn
protects the wealthy. Bank of America, General Electric, and the monster conglomerates
that share ownership in most mainstream media outlets love it when cumbersomegovernment regulations increase the cost of doing business.
They can afford it. Their biggest threat -- up and coming competition -- cannot.
See how this works?
But I digress.
What does it say about the everyday American people that falling incomes, chronic
unemployment, increasing poverty, collapsing net worth, and stagnant economic growth
qualifies as an acceptable enough record to win a second chance to do more of the same?
But the most frightening prospect in all of this is that our current economic situation has
apparently become the new and accepted normal.
People seem to have forgotten the boom times between 1983 and 2007 -- almost a quartercentury of unprecedented growth, incredibly low unemployment, manageable deficits, and
a growing of the wealth pie that was interrupted only by two shallow recessions. Just a few
years ago, the thought of celebrating 100,000 new jobs per month and a 2.7% GDP was
unimaginable.
And yet, here we are.
But what does it mean?
Well, my worst fear is that Obama and the Democrats have cracked the same electoral
code Obama and the Democrats cracked in Chicago and most every big city in America. A
code that wins them election after election after election in places like Chicago, Detroit,
Washington DC, and Los Angeles, even as those cities literally crumble into bankruptcy
before the voters' eyes.
But if you get enough people on the government dole; divide the population as a whole but
conquer through a fractured coalition; empower the unions, and so weaken, defeat, and
demonize the opposition (Republicans) -- you can stay in power even as your policies
decimate everything they touch.
Oh, and the media. In order for America to become The United States of Chicago,
Democrats must own the media -- a corporatist media for a corporatist party that defends
the status quo, demonizes the opposition, and, most importantly, regards the creation of
100,000 jobs and a 2.7% GDP as something worth celebrating.
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Showing 80 of 162 comments
0and 16 others liked this.
A LIKE REPLY 24 minutes ago 1 Like F
How can people not see the liberal agenda? Its right out in the open - oppress the p rivate sector with an
overwhelmingly expensively regulatory and tax structure, drive up the deficit to increase inflation - all of which
ends up costing consumers, mandate healthcare premiums that cost up to 50% more than they do normally on
the young with the least amount of disposable income to subsidize discounts for the elderly that need the
healthcare the most and then add an additional tax on top of that, incorporate moratoriums on Federal land and
offshore drilling along with oppressive regulations to bankrupt the coal industry that powers 2/3 of the nation's
energy in a shameless effort to create an energy crisis that would peak in the Summer when energy demand
skyrockets and supplies are oppressively restricted to cause brownouts and blackouts in order to create a crisisto pass cap and trade, tax everything from capital gains, transactions, the Internet, 401K's that have already
been taxed in many cases, initiate costly food regulations on top of food inflation to make groceries harder to
afford on anemic income levels, which also makes people less ambitious to look for a job in the first place and
ultimately drive a government dependency and an even greater likelihood of them voting democrat in order to
leverage their political power through economic oppression. The media, Hollywood and education system will
assist in indoctrinating those who don't know any better to believe a massive lie and sustain support for this
agenda. Ultimately the country will turn into Greece and probably be taken over by China and we'll all officially
be living in a Communist country.
SLVRSERFR
A LIKE REPLY 29 minutes ago F
As Gomer Pyle would say "Surprise" "Surprise".......The new "world order" of the US....brought on by "forced in
te gration" "aff irma tive ac tion" "ap pease ment to bl ack ra ce"......"re pa ra tions"......"wel fare"....you name
it......
CONSERVATIVEAMERICAN44
A LIKE REPLY 29 minutes ago F
Short term analysis is perfect for short-sighted folks with a selective memory.What's happening with the middle
class is a result of Reaganomics, not so much Barry's policies. How else do you explain that over the last 30
years, the rich have only gotten richer and while the middle class continues to struggle wait for that wealth to
"trickle down"? Keep f***ing that chicken, Wingnuts...
BIGCHINO
A LIKE REPLY 3 minutes ago in reply to bigchino F
You don't have clue what you're talking about, stupid azs
STRAT_PLAYER
The most profound evil we face in America today is the absolute abnegation of the main stream media in its
responsibility to protect the American people from an absolutely fraudulent president, a completely corrupt
administration, destruction of the Constitution, collapse of the rule of law, the advancement of an obvious
communistic agenda, the determination to eliminate God f rom the public square, the intentional bankrupting of
the country, dismemberment of the country's security and military, and the protection of our borders. Until this
evil is rectified, the continual disintegration of the country will continue unabated, leaving all Americans
unprotected and fearful of a fascist government. May these 'useful idiots", being used by the despots in charge,
have an awakening to the carnage they are responsible for. If not, may God have mercy on their darkened
souls.
SDDAVE
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A LIKE REPLY 1 hour ago in reply to Majiic12 3 Likes F
William Bradford was the governor of the original Pilgrim colony, founded at Plymouth in 1621. The
colony was first organized on a communal basis, as their financiers required. Land was owned in
common. The Pilgrims farmed communally, too, following the "from each according to his abilities, to
each according to his needs" precept. The results were disastrous. Communism didn't work any better
400 years ago than it does today. By 1623, the colony had suffered serious losses. Starvation was
imminent.
Bradford realized that the communal system encouraged and rewarded waste and laziness and
inefficiency, and destroyed individual initiative. Desperate, he abolished it. He distributed private plots
of land among the surviving Pilgrims, encouraging them to plant early and farm as individuals, not
collectively.
The results: a bountiful early harvest that saved the colonies. After the harvest, the Pilgrims celebrated
with a day of Thanksgiving -- on August 9th.
A LIKE REPLY 1 hour ago in reply to kendrick1 F
Wonderful post. Thanks.
MAJIIC12
A LIKE REPLY 2 hours ago 3 Likes F
Bravo...Chicago...you made it happen. You must love to be manipulated...you must love to be tyrannized...you
must love your stupidity...because YOU voted for the 'massa' who now owns you!
I have vowed to never again visit the once great city of Chicago...until all the Democratzi 'loons' are thrown out
of power...and from the mentality shown in the 2012 election...it won't be in MY lifetime!
YOU REAP WHAT YOU SOW...CHICAGO...WELCOME TO THE TAKEDOWN OF AMERICA AND THE
DESTRUCTION OF THE FUTURE OF 'Y O U R' CHILDREN!
HOW PROUD YOU MUST BE. AND THINK OF IT THIS WAY...WHEN YOU LOSE YOUR JOB...YOU WILL
HAVE MORE TIME TO SPEND WITH 'Y O U R' CHILDREN...BY HAVING THEM ACCOMPANY YOU IN
PICKING THROUGH GARBAGE FOR FOOD!
EILEEN_FOR_FREEDOM_LIBERTY
A LIKE REPLY 2 hours ago 2 Likes F
I have to say that I didn't think Obama could copy the Chicago model on a national level, but he has. And the
only reason it works is because the corrupt media is helping him. It's easy to understand how you can control
local and state media - enough so that you can control your message. But to do so nationally is incredible. I
suppose it's not really that hard when the media is in love with you in the first place, but still it's been amazing
the level of devotion the press has shown to Obama. They have been like another arm of his campaign.
WHATTHEHUH
It's time for the conservatives to fight back hard against machine that Obama has behind him. They have a
knack for twisting numbers and facts and spewing out propaganda across their news outlets. They use
academia shaped arguments to constantly bombard us with their left leaning, self engrossed
statistical studies. Well, here's a fact that we should use against them when they pull the old "Rich to Middle
Class wealth gap" ... The wealthy have ALWAYS (common sense) had more money in the stock market than
the Middle Class. When the housing crash happened, which was caused in great part by misters Dodd and
Frank (DEMS) through their unrelenting push for the decade prior to water down lending criteria, the Middle
Class could not take the hit to their stock portfolios. In the year following the March '09 stock crash, the middle
class instinctively sold huge portions of their stock holdings ... the rich did not feel the same pressure and were
guided by Warren Buffett (spokesperson on the economy for Obama) to buy more and hold on. Then came the
QEs from Bernanke under pressure from the president and democratic leaders - Bernanke clearly stated that
the reason for the QEs was to PUSH UP stock prices. Very good if you still had stock, a non-starter if you didn't.From 2009 through today, the Fed has managed to facilitate the push up in stock prices for the rich (which, for
my democratic friends, helped the almost equal number of Democratic millionaires in the U.S.) and the
democratic controlled congress from 2008-2010 has managed to tighten lending standards (which, again, from
1997 thru 2007 they obliterated in their cowardly bending to Fannie Mae) to the point where the banks now
simply borrow money from the Fed at 50 basis points and lend it out to the business community at 200 - 300
basis points ... why risk lending when you can simply BROKER the money with a guaranteed profit.
Obama and the Democratic Party have, as always, managed to "out shout" the Republican Party on this wealth
disparity, while facilitating the very mechanism that has created the gap! What a game they have going! Time for
the lazy conservatives and republicans to get off their butts and and get aggressive! Do your homework and get
the message out! Fight against the democratic machine's SPIN!
Call them out on all their propaganda and neutralize this wave of invincibility they feel they have. If the 3.5
million conservatives that didn't come out to vote for Romney actually showed up on election day, we might not
be in this one-sided dog and pony show that Obama is putting on. GET OFF YOUR BUTTS!
PMR55
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A LIKE REPLY 4 hours ago in reply to GenJMosby 3 Likes F
Romney was far from the problem. And conservative candidates will get killed in today's media
climate. Were you living under a rock when they absolutely trashed Palin and Ryan?
A LIKE REPLY 4 hours ago 1 Like F
Where is Marcus Brutus when you need him?
ROSCOEARBUCKLE
A LIKE REPLY 4 hours ago in reply to RoscoeArbuckle 4 Likes F
Stocking up on ammo at the Roman gun store.STORMWAVES …
A LIKE REPLY 4 hours ago F
The Commerce Department said on Tuesday housing starts increased 3.6 percent to a seasonally adjusted
annual rate of 894,000 units -- the highest since July 2008.
The report was the latest to show the broadening housing market recovery was now entrenched. Economists,
who had expected groundbreaking to slow to an 840,000-unit rate, said the housing strength laid a foundation
for faster economic growth next year.
"The broad improvement in home prices, home equity, starts, and inventory clearing are key developments that
position the economy for stronger growth next year, and beyond," said Eric Green, chief economist at TD
Securities in New York.
The housing market has decisively turned around after an unprecedented collapse that landed the economy in
its worst recession since the Great Depression. The recovery, marked by rising home sales, prices and buildingactivity is being driven by pent-up demand and record low mortgage rates.
http://www.reuters.com/article...
RICKDRAKE58
A LIKE REPLY 1 hour ago in reply to rickdrake58 F
Sell everything you have and buy GM stock! It's running about $24.50/share now. Demonstate your
confidence by putting your money where your mouth is! Oh yes! Buy a Chevy Volt!
KENDRICK1
d States of Chicago: Middle Class Net Worth Collapses to 1969 Levels http://www.breitbart.com/Big-Government/2012/12/01/Middle-