My jaw almost hit the floor when I heard Vice President Biden in debate with Paul Ryan say this:
BIDEN: I don't know how long it will take. We can and we will get it [unemployment] under 6 percent. Let's look at -- let's take a look at the facts. Let's look at where we were when we came to office. The economy was in free fall. We had -- the great recession hit; 9 million people lost their job; $1.7 -- $1.6 trillion in wealth lost in equity in your homes, in retirement accounts for the middle class. We knew we had to act for the middle class. We immediately went out and rescued General Motors. We went ahead and made sure that we cut taxes for the middle class. And in addition to that, when that -- when that occurred, what did Romney do? Romney said, "No, let Detroit go bankrupt." We moved in and helped people refinance their homes. Governor Romney said, "No, let foreclosures hit the bottom."
The vice president isn't even close to appreciating the devastation endured by home owners in this country.
Here's a chart I posted previously taken from the most up-to-date figures from the Federal Reserve showing peak to trough owners' equity dropping a whopping $6.9 trillion, not $1.7 trillion.
The vice president not only doesn't grasp the scope of the losses experienced by the middle class, the Obama administration hasn't done one thing to put housing on a proper footing going "forward", the slogan of their campaign.
Instead, Obama & Co. spent the first two years ramming health care reform which we didn't want down our throats at the same time we were losing our homes.
If ever anyone should be FIRED! for incompetence and malfeasance, it's these guys. Otherwise get ready to spend your retirement years living in the back seat of your rescued Government Motors automobile.
