This is unbelievable: the only thing worse than the “Bush recession” – at least the recession that he gets all the blame for – has been the “Obama wreckovery.”
Stop and think about it: as much as Bush has been demagogued and demonized for the recession, household incomes only dropped by 2.6%. I say “only” because during this “recovery” that Obama has taken and received so much credit for, household incomes have lost nearly TWICE as much – a whopping 4.8%.
And if you’re black, you’re screwed: because Obama has gutted your household wealth since his “recovery” by a staggering 11.1%.
This is absolutely devastating news for Barack Obama’s reelection campaign – which is why the mainstream media has tried to bury it with the following WaPo story appearing on page A-10 by which point most people are flipping through the pages looking for the damn funnies:
Household income is below recession levels, report says
By Michael A. Fletcher, Published: August 23
Household income is down sharply since the recession ended three years ago, according to a report released Thursday, providing another sign of the stubborn weakness of the economic recovery.
From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent, to $50,964, according to a report by Sentier Research, a firm headed by two former Census Bureau officials.
Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey. The recession, the most severe since the Great Depression, lasted from December 2007 to June 2009.
Overall, median income is 7.2 percent below its December 2007 level and 8.1 percent below where it stood in January 2000, when it was $55,470, according to the report.
The findings highlight the depth of the recession and the long road the nation has to traverse before it fully recovers. They also echo other reports detailing the financial carnage caused by the recession.
This summer, the Federal Reserve reported that the downturn eviscerated two decades of gains in Americans’ wealth. The central bank 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, pushing that measure back to nearly 1992 levels.
Few analysts expect a quick bounce back even as the economy grows, if tepidly. The unemployment rate was 8.3 percent in July, marking 42 months that it has been above 8 percent. About 5.2 million people — 40 percent of the unemployed — had been out of work for more than six months. An additional 8.2 million were working part time because they could not get full-time work.
Corporate profits, meanwhile, have recovered. But with workers producing more on the job, the gains in economic output have not been matched by new hiring.
“The character of the recovery has been one that has benefited businesses more than it has workers,” said Gary Burtless, a Brookings Institution economist.
Although the new report does not take into account tax cuts enacted in recent years that have boosted take-home pay, it shows that a broad swath of Americans have lost some income.
Over the past three years, the inflation-adjusted median income of households headed by whites was down 5.2 percent, to $56,255. Households headed by blacks sustained a staggering 11.1 percent drop in median income. Hispanic-led households saw their real income decline by 4.1 percent over the same period, the report said.
Looking at the data by age, the researchers found that income has risen only for workers older than 65 during the recovery, which report co-author and Sentier partner Gordon Green attributes to the cost-of-living increases for Social Security recipients.
Households led by the self-employed saw their income drop 9.4 percent, to $66,752, the report said. Households headed by private-sector employees saw wages drop by 4.5 percent, to $63,800, and households led by government workers saw median income decline by 3.5 percent, to $77,998, the report said.
Government workers, on average, are better educated than private-sector workers, which could help explain their higher wage levels, Green said.
The report also concluded that the declines have been most dramatic in the West, where household income is down 8.5 percent over the past three years. By comparison, income was down 4.9 percent in the Northeast and the South, the report said, while incomes in the Midwest dropped by just 1.1 percent over the past three years.
As usual, Newsbusters actually does a better job reporting the actual news than mainstream media outlets. You can easily understand why that would be give the fact that the Washington Post which first reported on the story managed to bury it as deep in the bowels of the paper as possible. If this was Bush’s economy and disastrous news like this came out right before his damn convention, you can rest assured it would have been the main headline in giant letters on the front page.
Here’s Newsbuster’s article on this report on just how truly pathetic Obamanomics has been:
‘Household Income Has Fallen 4.8%’ Since June 2009, But WashPost Buries Story on Page A10
By Ken Shepherd | August 24, 2012 | 17:10
Yesterday a “report by Sentier Research, a firm headed by two former Census Bureau officials,” found that “[f]rom June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent,” Michael A. Fletcher of the Washington Post reported today. What’s more, the fall in median household income was much worse for blacks, “a staggering 11.1 percent drop.” June 2009, you may recall, marks the end of the recession that began in December 2007.
Yet such news was shoved down to page A10 by Post editors, rather than placed on the paper’s August 23 front page, which included, among other things, a large photo of a woman working on a large sand sculpture at a resort in Florida, a story about Mitt Romney’s campaign ‘Mad Men,’ and a story about how Lance Armstrong “won’t fight doping charges” anymore.
The Sentier Research survey also found that young Americans suffered a steeper hit than the average American, with those under 25 seeing a 6.1 percent drop in median income and those in the 25-34 bracket suffering an 8.9 percent drop. Given how well President Obama did with the youth vote, their economic suffering under his administration is certainly worthy of coverage and criticism.
If such data were discovered in a survey released just a week before the Democratic convention in 2004 or 2008, it most certainly would be front-page news as the media hit the Bush administration and Republicans for a soft economy and teed up the opposition party with a talking point to flog during the convention.
But alas, the media are too busy with more important things, like dutifully echoing Democratic talking points tarring the entire Republican Party with one Missouri congressman’s offensive comments on rape.
The funniest thing is that the more Obama has tried to help whatever group or region with his failed policies, the more that group or region suffered. That ought to tell you something. Blacks have been absolutely devastated by Obama, but 95% of them are going to vote for the man who has destroyed them. The same applies to the young people who voted Obama into office in 2008 and now live in their parents’ houses, with half of all college graduates under Obama unable to find a job. Maybe they can’t find a damn job because they’re still stupid enough to vote for the man who wrecked their lives. And no region has fared worse than the West, but don’t tell that to states like California and Washington which would both vote for Chairman Freaking Mao if he were running as a Democrat.
The poor are going to vote for Obama. And that’s great for Obama: BECAUSE THE FOOL HAS CREATED MORE POOR PEOPLE THAN ANY PRESIDENT IN AMERICAN HISTORY.
Meanwhile on every measure across the board the president who is demonized as such a terrible failure (that’s George Bush, kids) was so much better than Obama it isn’t even funny.
This reminds me of how Adolf Hitler systematically destroyed Germany until there was just nothing left. It wasn’t the rank-and-file people who were fiercely loyal to him come what may; it was the rabid Nazis who demanded the nation follow Hitler to its very grave. Similarly, Barack Obama and his Marxist Obamanomics has been the absolute systematic destruction of the American economy and the American middle class, but with the mainstream media and the Democrat machine rabidly following this turd and slant the news with outright propaganda. And so just like Nazi Germany, America may well end up in the graveyard of dead nations by 2016 if Obama gets another chance to finish the destruction of America that he started in 2009.