Taking a Knife to Our Capitalist System
First, the March jobs report showed a big collapse in hiring. The official numbers showed 20,000 new jobs added in February, a far cry from the 170,000 that were expected. Then, the Atlanta Fed said projected GDP growth for Q1 slowed to a crawl. It estimates Q1 growth will come in at just 0.2%. And then this. The Washington Post : Total household net worth in the fourth quarter of 2018 dropped by the largest amount since the fourth quarter of 2008
Total household net worth is a measure of the assets – such as homes, stocks and bank accounts – owned by American families and nonprofits minus their debts. In the fourth quarter of 2018, it fell by about $3.7 trillion, a 3.5% quarterly decline. Going back to 1952, the start of the Fed’s data, only three quarters – the third and fourth quarters of 2008, and the second quarter of 1962 – posted bigger declines in household net worth, percentage-wise.
By Bill Bonner
when the country was amid a steep recession, according to data released Thursday by the Federal Reserve.
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