This year’s presidential election is not a normal one. Rarely in U.S. history has an election year been preceded by as much economic fear and doubt. The results of the recent Fed report do not provide much encouragement for an already fearful electorate:
The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with middle-class families bearing the brunt of the decline. The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
Our economy has recovered to a great degree since the initial crash, but because of all that was lost and the gloom on the horizon, Americans are still incredibly concerned with their prosperity, as a Rasmussen poll shows: 52 percent of Americans are not confident in the stability of the U.S. banking industry, and 42 percent are worried about losing the money they keep in the bank. People fear that the euro crisis could stall an already slow recovery, causing another round of bank failures.Regardless of the multitude of other issues that Mitt Romney and President Obama will no doubt spend weeks debating, the central question of the election is which candidate can better show off his plan to return America to prosperity. The candidate who makes that case and makes it convincingly will win the presidency.