The Federal Reserve announced Monday that the median worth of American families plunged by nearly 40 percent over the last 20 years, much of it in the last three years during the Obama administration.
Median income plunged from $126,400 in 2007 to just $77,300 in 2010.
There is no mystery about this. The reasons are: government that has grown too large and too expensive and the expectations of people who think the gravy train can pile on more and more debt and never have to pay the bill.
The lack of personal responsibility by many is appalling. Credit card debt, living outside one's means, the expectation that success means earning more money to buy more things, and a lack of emphasis on character and virtue ... all of this and more have contributed to our financial and moral decline.
Look at the things that capture our attention: celebrities, sensuality, greed, lust, political power.
Declining wealth is just one of the consequences of nations that forget God. There are and will be others if we don't repent.
I'm Cal Thomas in Washington.
Publication date: June 13, 2012