US Economic Collapse: America Is No Longer a Wealthy Nation!

How do you decide whether you are wealthy or not? Do you determine that by how much money you spend at the stores? Of course not. You can tell if you are wealthy or not by comparing your assets to your to your liabilities. Well, a lot of Americans seem to believe that just because a lot of money is circulating in our economy, that it must mean we are a wealthy nation, but that is simply not true. To tell whether or not America is a wealthy nation, you need to look at the balance sheet numbers, where a very sobering story emerges. Over the past three decades, government debt, business debt and household debt have absolutely exploded, but our assets have not. That means we are getting poorer as a nation. Hopefully, the shocking charts and statistics in this article will help a lot of Americans to wake up: Yes, we were once the wealthiest nation on earth, but today America is no longer a wealthy nation: We live during a time when US households are becoming poorer. This week, the Federal Reserve announced that the total net worth of US households declined by 4.1 percent in the 3rd quarter of 2011 alone. That is a staggering decline: The total net worth of US households plummeted by $2.2 trillion during those three months. When you break that down, it comes to approximately $7,800 for every single US citizen!