Here's a sobering chart.
The Federal Reserve today announced that U.S. household net worth fell by $1.3 trillion in the first quarter, which sounds like a pretty big deal.
However, sometimes percentages and graphs tell a better story when it comes to numbers like this.
For example, since its peak in the third quarter of 2007, household wealth has decreased by 21.6%, or more than a fifth, which is the most dramatic fall in the series since reporting began more than a half century ago.
And just to emphasize how big of an economic shock this wipeout has been, take a look at the accompanying chart, which plots quarterly values of the 12-month change in net worth as a percentage of nominal gross domestic product.
How anyone could think that the effects of so much wealth destruction in such a short period of time could be quickly overcome is beyond me.
Because of hope! And change!
And Sparky: we're gonna go ahead and nationalize 20% of the economy, the entire health care industry, because, uhm, well, it's an emergency. Or something.
What's a real emergency is the fact that frickin' Medicare, Medicaid and Social Security are bankrupt and our beloved mainstream media can't even point out that teensy weensy flaw in President Obama's logic.