Obama's Economy — We've Fallen And Can't Get Up

[Venus]

http://news.investors.com/ibd-editorials/082213-668484-household-incomes-still-way-down-under-obama-recovery.htm

Obama's Economy — We've Fallen And Can't Get Up



Economy: Household incomes are still down 4.4% since the recession ended four years ago. Meanwhile, the unemployment picture may be even worse than we think. The Obama "recovery" continues to impress.

According to a report released this week by Sentier Research, the inflation-adjusted median household income remains $2,380 below where it stood when the Obama "recovery" officially started in June 2009 — a drop of 4.4%.

Sentier's monthly data, derived from the Census Bureau's Current Population Survey, show that incomes fell more in the year after the recovery started than it did during the recession itself. And household incomes have basically flat-lined ever since.

"As the unemployment rate and the duration of unemployment remained high," the authors note, "median annual household income continued its decline."
The picture gets even grimmer the deeper you dive into the data. The most vulnerable groups — blacks, Hispanics, female-headed families and the young — have fared far worse under Obama than everyone else.


This economy is all Obama's.

[Peter1469]

It is certainly a history making event....

[Chris]

Also Sales of New U.S. Homes Fell More Than Forecast in July (http://www.bloomberg.com/news/2013-08-23/sales-of-new-homes-in-u-s-plunged-more-than-forecast-in-july.html): "Purchases of new U.S. homes plunged 13.4 percent in July, the most in more than three years, raising concern higher mortgage rates will slow the real-estate rebound."


I wonder the one or two here who heralded rising home sales as a sign of recovery will, to be consistent, now accept this as a decline.

[Common]

I disagree, the economy is Obamas and the Teaparty contigency in the house of representatives that have done nothing but endlessly repeal obamacare and threaten to shut down govt and call for tax cuts along with entitlement cuts for everyone else

[Mainecoons]

Think of your history. Who was the last POTUS whose administration was constantly flouting the Constitution, coming up with one bureaucratic gimmick after another to "create jobs" while constantly attacking the real job creators? Whose administration set a new historical precedent when every previous crash had an average two year period but somehow his administration managed to turn it into a 10 year depression that ended with a world war? And, lest you think great grandpa's generation was any smarter, they elected this "genius" repeatedly?

The Obama administration is simply showing us how FDR managed to thoroughly screw up the U.S. economy all over again. It really is telling that Barry, in his grandiosity, thinks of himself as some kind of (half) black FDR. He has a point. Both were preceded by Republicrat idiots who set the stage for them to come along and sell a bunch of snake oil that make things worse for a long, long time.

History does have this bad habit of repeating itself when the same mistakes are made over and over.

[Chris]

I disagree, the economy is Obamas and the Teaparty contigency in the house of representatives that have done nothing but endlessly repeal obamacare and threaten to shut down govt and call for tax cuts along with entitlement cuts for everyone else



Actually, the economy is ours. Government ought to keep its grubby hands off.

[Mainecoons]

Maybe those wacky tea partiers, unlike you Common, understand what the numbers are telling us--that Obama and ObamaCare are the greatest destroyers of decent jobs and wealth this country has seen since FDR.

How many people have to lose their full time jobs because of Obama before it soaks into your thick, deliberately ignorant skull, that these policies are a disaster for America? How many reports showing that Obama has only succeeded in enriching the one percent at the expense of everyone else before your fog is penetrated?

I know, that's the impossible dream.

[patrickt]

This reminds me of the bully who knocks a little kid down and says, "Oh, teacher, he fell down." Remember President Carter, President Clinton, Rep. Frank, Sen. Dodd, Sen. Kennedy, Sen. Kerry, Rep. Pelosi, Rep. Waters, and the other far left nitwits? They're all standing around, except Sen. Kennedy, saying, "Teacher, George Bush did it."

[Chris]

More on the OP, Income Stats Suggest American Dream Is Dead (http://finance.yahoo.com/blogs/daily-ticker/income-stats-suggest-american-dream-dead-161855152.html)


...A new report out Thursday from Sentier Research found that the median annual household income of Americans was $52,100 in June, after adjusting for inflation. That's 4.4% below the level in December 2009.
Even more dramatic, the median income is 6.1% lower than the level in December 2007, when the recession began, and 7.2% lower than January 2000. For many Americans incomes aren’t just stagnant, they’re falling along with their purchasing power and standard of living.

...

So is government the answer? Newman doubts that anything good can come out of "the political meat grinder in Washington." And that assumes there is meat to grind, when in reality many politicians have put the federal government on a diet, pursuing policies to spend less, not more, in order to reduce the deficit and balance the budget.

...

[Mainecoons]

This reminds me of the bully who knocks a little kid down and says, "Oh, teacher, he fell down." Remember President Carter, President Clinton, Rep. Frank, Sen. Dodd, Sen. Kennedy, Sen. Kerry, Rep. Pelosi, Rep. Waters, and the other far left nitwits? They're all standing around, except Sen. Kennedy, saying, "Teacher, George Bush did it."

To a significant degree, George Bush did do it.

[Chris]

I don't think you can deny Bush was at the helm when the recession came. Doesn't seem anyone's at the helm of recovery, or if there is the rudder's borken.

[Mainecoons]

He was and his bailouts of GM and the first wild rush of money printing was very much like Hoover's huge initial mistakes that set the stage for FDR to come in and create a decade of unemployment and poverty. All the while, trying to do the opposite.

I don't subscribe to the theory that Obama is deliberately trying to sink the economy. I think this is just another exercise in sheer stupidity and failure to learn from history.

[Libhater]

I don't subscribe to the theory that Obama is deliberately trying to sink the economy. I think this is just another exercise in sheer stupidity and failure to learn from history.

Methinks you got to see where and with whom Obama came from and associated with to get a true idea of his intentions. May I offer a viewing of the documentary film '2016' by Dinesh Desouza(sp) to glean a bit of Obama's past history, and in affect his biography. Obama joined and even led every anti establishment (capitalist) protest while at Harvard. Remember, he became a community organizer, i.e. a progressive shill for his anti American/pro third world mindset before entering the senate. He supports socialized entities like ACORN who get their funding at the tax payers expense.

Keep in mind that Obama is a dye-in-the-wool progressive/Marxist who got his lead from the likes of Keynesian economics, Saul Alinsky and the Cloward/Piven strategy to kill capitalism and entrepreneurship so that everyone would become dependent on big government while he and his czars reap all the benefits and all the power. In 4 1/2+ years he's managed to usurp our Constitution and our tax monies to change America into a third world nation of useless dependent crybabies. We're approaching a 17 trillion dollar national debt and this turkey-in-chief is still blaming his miserable tenure as president on the Republicans and on Bush. I realize he's an incompetent fool, but I still believe his intentions are to sink our economy; and from what I see--he's doing a pretty good job of doing just that.