U.S. Household wealth declines


The negative change is due to loses in the stock market but more significantly to the drop in home values. These facts together with the stagnant job market make it very unlikely that the American consumer will increase spending any time son.

Accordingly, with low demand for goods and services, companies large and small will be very reluctant to hire.

Of all the measures I propose in my economic plan, the phasing out of property taxes for most New Jersians should propel home prices upward.