A recent article in the Washington Post highlighted the sad truth that many families are still suffering from 2008’s “Great Recession.” According to the article, this recession has “wiped out nearly two decades of Americans’ wealth” and middle-class American families have suffered the worst. Those struggling can barely, if at all, pay their bills. And Congress has only made matters worse; because the Washington politicians are busy playing Monopoly with Americans’ money.
American families are now making less money. The median income fell almost to $45,800 in 2010. And Americans have seen a staggering 39% drop in the net worth of families. The average net worth of families plummeted from $126,400 to $77,300, in just three years.
And while families are cutting their budgets to make ends meet, politicians in Washington keep overspending. Even worse, the politicians continue to posture and play games with the American economy, ignoring their own reckless overspending.
In an effort to help the economy, Congress created a “super committee” designed to cut spending and when that failed, it put spending limits in place. It has been less than a year since then and Congress has already voted to violate those spending limits and continue the overspending. How can these politicians debate spending priorities when the Senate has not passed a budget in over three years?
It is time for Washington to stop playing games and show some real leadership and stop overspending.