Since 2009, the middle 20% of American households saw their average incomes drop 4%. In 2011 alone, they fell 1.7%. The poorest 20% have fared even worse under Obama, Census data show. Their incomes have dropped more than 7% since 2009, and are now lower than they've been at any time since 1985, after adjusting for inflation.
Meanwhile, the wealthiest have managed to eke out gains in two of the past three years. In 2011, the top 20% saw their average income climb almost 2%, the Census data show.
These results are highly unusual in an economic recovery, which typically produces income gains across the board. During the eight-year Reagan boom, for example, incomes at the bottom climbed 14%, while those in the middle climbed 13%, and those at the top 22%.
America's gross domestic product — the broadest measure of economic output — grew 6.8 percent from the April-June quarter of 2009 through the same quarter this year, the slowest in the first three years of a postwar recovery. GDP grew an average of 15.5 percent in the first three years of the eight other comebacks analyzed.
Consumer spending has grown just 6.5 percent since the recession ended, feeblest in a postwar recovery. In the first three years of previous recoveries, spending rose an average of nearly 14 percent.
The economy shed a staggering 8.8 million jobs during and shortly after the recession. Since employment hit bottom, the economy has created just over 4 million jobs. So the new hiring has replaced 46 percent of the lost jobs, by far the worst performance since World War II. In the previous eight recoveries, the economy had regained more than 350 percent of the jobs lost, on average.
Adjusted for inflation, wages have fallen 0.8 percent. In the previous five recoveries —the records go back only to 1964 — real wages had gone up an average 1.5 percent at this point.
Four years and they're still blaming Bush. Pathetic.
Four years and they're still blaming Bush. Pathetic.
the president that destroyed rule of law in this country
Nobody is blaming Obama for the recession. He ran for President claiming that he was the guy to turn things around, not "there's really nothing I can do about the recovery for the next four years because of Bush."We are talking about a recession that started in 2008 right? The largest one since the Great Depression, that one right? You know I get it that Presidents have to take responsibility for the decisions they make and the consequences during their Presidency, but there's no denying the fact that this thing started during the Bush Presidency.
By the way I'm not blaming Bush at all, its a global recession it cannot be laid at the feet of ONE man.
Nobody is blaming Obama for the recession. He ran for President claiming that he was the guy to turn things around, not "there's really nothing I can do about the recovery for the next four years because of Bush."
The OP refers to the recovery period (since 2009). The recovery has been uneven, particularly in 2011.Well the OP is, but its true that candidates often over promise.
the OP is
candidates often over promise
“I know that people who rely on investments that pay a fixed interest rate … are receiving very low returns, [which is] a situation that has involved significant hardship for some,” he said in an Oct. 1 speech in Indianapolis.
However, he added, “I would encourage you to remember that the current low levels of interest rates … are in a larger sense the result of the recent financial crisis — the worst shock to this nation’s financial system since the 1930s.”
The current crisis can really be traced back to the creation of the Federal Reserve and the fractional banking system.
Why stop at the creation of the Federal Reserve? You should just go back to creation of money. That there is the problem.
If the rich are getting richer then what does that say about the trickle down theory?
Why stop at the creation of the Federal Reserve? You should just go back to creation of money. That there is the problem.
Who's going to start a business with Obamacare in place?
Yes we have not recovered from the recession, and yes the recession started right before Obama took office so there's all kinds of things you can say happened during his Presidency and pretend they are his fault, and finally yes its still as much bullcrap as its always been.
In other words...
ZZZZZZZZZZzzzzzzzzzzzzzz
Over-reaching government regulations made it harder for the lower classes to advance and discourage those that do have money from spending it.
Who's going to start a business with Obamacare in place?
OK, maybe I can lear something here.
If I had a business idea, and I confess that I don't, I would be opening a business with very few employees. I've always started businesses very small because I'm paranoid and I don't want to get wiped out if I screw up.
So, at what point does Obamacare affect me? Is there a minimum number of employees or if I hire 3 people do I have to cough up medical insurance? In my 40 year business history, I only had one business that had over 100 employees and we DID offer medical insurance, split 50/50.
So, this is a real question. Why would Obamacare affect opening a new business?
Under Obama, Poor, Middle Class Incomes Fall Sharply, Rich Get Richer - Investors.com
highly unusual "recovery," alright
ap, aug 15:
Thanks for more proof of the severity of the Bush recession. Actually middle class income had begun to fall well before the recession even started in 2007 as is the norm for republican Administrations
Killer Facts on Failure of Bush Economic Policies | Americans for Responsible TaxesBUSH TAX CUTS DID NOT PRODUCE INCREASE IN REAL INCOME (1.6 PERCENT) COMPARED TO CLINTON POLICIES (14.7 PERCENT). “Real income for the median American household went from $51,356 in 2001 to $52,163 six years later—an increase of just 1.6 percent. Under President Clinton’s tax rates, real median household income went from $45,839 in 1993 to $52,587 in 1999—an increase of 14.7 percent.” [Center for American Progress, 7/29/10]
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middle class income had begun to fall well before the recession even started
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