Federal Reserve report says US wealth has fully not recovered

“I will break the pride of your power” (Leviticus 26:19)

Household wealth in the USA has still not recovered to pre-recession levels according to a new report from the Federal Reserve. Here is one news report about that:

May 30, 2013

American households have rebuilt less than half of the wealth lost during the recession, leaving them without the spending power to fuel a robust economic recovery, according to a new analysis from the Federal Reserve. http://www.washingtonpost.com/business/economy/americans-have-rebuilt-less-than-half-of-wealth-lost-to-the-recession-study-says/2013/05/30/7d29a878-c930-11e2-8da7-d274bc611a47_story.html

Here are some quotes from the Federal Reserve report:

Household balance sheets were severely affected during the financial crisis and ensuing recession . According to the Federal Reserve’s triennial Survey of Consumer Finances (SCF)—the most comprehensive examination of household balance sheets—average household wealth declined 15 percent between 2007 and 2010, while median household wealth dropped 39 percent..

Although many subgroups experienced large declines, the Fed’s survey suggests that families that were younger, that had less than a college education and/or were members of a historically disadvantaged minority group (African-Americans or Hispanics of any race) suffered particularly large wealth losses (Figure 1) . 1 Even before the crisis, younger, less- educated and historically disadvantaged minority families were known to be among the most economically vulnerable groups because of the particular occupations and sectors in which they were overrepresented, such as low-wage service-sector jobs and construction . What was not well-known— but which we document here—is that families in these economically vulnerable groups often also had very risky balance sheets going into the crisis.

Without going into all the details, the situation is much worse than it appears from the Federal Reserve report.

Why?

Because the “recovery” has been financed by more direct and indirect US government debt than any in the history of humanity and the USA seems to feel it needs to continue in that direction (e.g. Fed’s Bernanke wants currency debasement program to continue).

This means than a lot even what wealth is left, has actually been debased. Ultimately the US dollar will truly crash.

Until then, it means that economic recoveries will be shaky and that many people will likely not handle the next downturn as well. Furthermore, various tax and other policies from Washington, D.C. are further discouraging the accumulation and preservation of wealth. That too, does not bode well for the economy of the USA.

Unless the USA changes, it will be doomed. However, Jesus will return a few years after that and establish the Kingdom of God. Until then, work, pray, and try to best manage whatever household wealth you may have. Whether you are in the USA or not.

Some items of possibly related interest may include the following:

Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Taxes What caused the descendants of Israel to pay taxes? Should Christians pay taxes? Here is a link to a YouTube video Should Christians Pay Taxes?
Will the Anglo-Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? There is also a YouTube video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves?
The Gospel of the Kingdom of God was the Emphasis of Jesus and the Early Church Did you know that? Do you even know what the gospel of the kingdom is all about? You can also see a YouTube video sermon The Gospel of the Kingdom.
Just What Do You Mean the Kingdom of God? A booklet that was written by Herbert Armstrong answers questions about the Kingdom.
Did The Early Church Teach Millenarianism? Was the millennium (sometimes called chiliasm) taught by early Christians? Who condemned it? Will Jesus literally reign for 1000 years on the earth? Is this time near?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2019 or 202x?
Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about a Republican choice. This book is available to order at www.barackobamaprophecy.com. The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic Catholic, Kenyan, and other America-Related Prophecies? What About Republican Leaders? Second Edition for Second Obama Term.
Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.