Posts Tagged ‘household incomes’

Joe Biden Says Middle Class Buried Last Four Years. He’s Right: Under Obama, Gas Prices Double, Incomes Plunge, Food Prices Soar And Jobs Vanish.

October 3, 2012

From the mouths of drooling babes comes wisdom?  The words of Joe Biden:

“This is deadly earnest,” Biden said. “How they can justify — how they can  justify raising taxes on the middle class that’s been buried the last four  years.”

Whoever the hell has been president and vice president ought o be fired.  Hell, they ought to be criminally prosecuted and then executed.  What’s that?  Ooops.  That’s me and Obama, isn’t it?  Well, never mind, then!”

Here’s the story:

Biden says middle class ‘buried’ the last 4 years, Republicans pounce
Published October 02, 2012
FoxNews.com

Vice President Biden said Tuesday that the middle class has been “buried the  last four years” — a practically gift-wrapped gaffe that Republicans  immediately grabbed to hammer President Obama on the eve of the first  presidential debate.

Biden made the remark at a campaign stop in Charlotte, N.C., in the course of  slamming Republican tax policies which Democrats claim would cut taxes for the  rich and hike them for the middle class.

“This is deadly earnest,” Biden said. “How they can justify — how they can  justify raising taxes on the middle class that’s been buried the last four  years. How in the lord’s name can they justify raising their taxes with these  tax cuts?”

Mitt Romney, it turns out, couldn’t agree more with the first part.

He tweeted: “Agree with @JoeBiden, the middle class has been buried the last  4 years, which is why we need a change in November #CantAfford4More.”

Running mate Paul Ryan echoed, saying at a rally in Iowa that “we need to  stop digging” and elect Romney.

Both the Romney campaign and The Republican National Committee got to work  blasting out a clip of the comment Tuesday  afternoon, in what the Obama campaign decried as a “desperate and out-of-context  attack.”

But Republicans used the remark to hammer home claims that Obama’s economic  policies have hurt the middle class, in advance of a debate where the economy is  sure to feature prominently.

An RNC official told FoxNews.com: “Joe Biden said what so many Americans are  feeling every day. For four years, the middle class has been buried by Obama’s  failed policies from higher taxes to more debt which is why he has a difficult  time explaining why he deserves another term in the White House.”

A Romney campaign email also included numerous examples of the middle class  being “buried” during Obama’s term — by debt, by high unemployment and by  falling incomes.

An Obama campaign official countered, blaming Republican policies for  crushing the middle class — well before Obama took office.

“As the Vice President has been saying all year and again in his remarks  today, the middle class was punished by the failed Bush policies that crashed  our economy — and a vote for Mitt Romney and Paul Ryan is a return to those  failed policies. With more than five million private-sector jobs created since  2010, the Vice President and President Obama will continue to help the middle  class recover and move the nation forward,” the official said.

The first presidential debate will be held Wednesday in Denver and will focus  on domestic policy.

Fox News’ Nick Kalman contributed to this report.

For the record, ObamaCare is not only a tax hike on the middle class, but in fact the LARGEST tax hike on the middle class in the history of the republic, with 21 new taxes that will disproportionately fall on middle class families.  So, yeah, it’s a valid question.  Given that Obama has “buried the middle class during his four-year regime,” how the hell can he justify imposing all these taxes when he looked the American people in the eye and repeatedly told them he wouldn’t increase their taxes so much as one dime???

But Obama has done far more damage to the middle class than that:

Obama’s War on the Middle Class: Gas Prices Double – Incomes Drop – Jobs Killed
Posted by Jim Hoft on Monday, October 1, 2012, 12:38 PM

Barack Obama hates the poor and middle class. (RSG)

Thanks to Barack Obama gas prices doubled, incomes dropped, unemployment soared and the deficit nearly tripled in less than four years. The poor and middle class suffered the most.

The Republican Study Group released this information.

A few points about the chart above, which visualizes these trends all too well. **  According to analysts at Sentier Research, median household income has dropped $4,520, or about one month’s average wages, since President Obama took office. **  The average price for a gallon of gas has more than doubled since January 2009, from under $2 to now almost $4.

More… Obama is a net jobs killer

If that damn chart above were a hail Mary football play, the two wide receivers would have run smack into each other and knock each other silly.  Which is pretty much a metaphor for the entire Obama presidency.

Oh, yeah, by the way, food prices have skyrocketed since Biden’s boss took over (see more here).  Sooo, I guess that kind of sucks for the middle class, too.

And the median household income has plunged by 8.2 percent since Barack Obama and Joe Biden took office.  That can’t be good for the middle class.

And the labor force participation rate has gone down more dramatically under Obama’s failed presidency than any president’s in the history of the republic, and it is now at the lowest level in well over thirty years.  How’s that working for the middle class?  How’s it working for the middle class that if we calcuated the unemployment rate by the same labor participation rate that Bush handed to Obama, unemployment would be measured at 11.6 percent  now???

For every job Obama “adds,” there are FOUR workers who drop out of the workforce.  How’s that working for the middle class?  How is it working for the middle class that there are four million fewer jobs today than there were when Obama took office?

 Last year new start-up businesses were at the lowest level EVER measured in the 25-year history of recording that statistic; this year new start-up businesses plunged by another 24%.  I’m sure the middle class isn’t too happy about that, given that those jobs Obama has destroyed by demonizing the people who create those jobs are the very jobs that the middle class most depends on.

If you’re a middle class retired person, it’s even suckier for you in this “No, no, no, NOT God bless America!  God DAMN America” administration: when Bush left office, a person could put their retirement nest egg of $300,000 into a secure bond and live off of the $1,500 a month interest.  And if things went well, why, you’d leave your children and grandchildren a nice sum to remember you by in fulfillment of the American Dream to give your children better off than you were.  Now, thanks to Obama’s QE1, QE2, Operation Twist and then let’s do QE3, that same nest egg gives you $200 a month and you’re pretty well screwed, aren’t you?

Finally, Biden screwed up so badly trying to demonize Romney for increasing taxes on the middle class, which is an outright lie.  Name the Republican who has offered a plan to increase taxes on the middle class.  Versus Obama-Biden, who in fact have passed the largest tax increase on the middle class in the history of the republic.  Obama and Biden have both slandered Republican policies by asserting that tax cuts result in low revenues and therefore according to some liberal think tank that used radically leftist presuppositions, if the rich didn’t get their taxes hiked the middle class wold therefore have to somehow pay more taxes.  That is a lie.  That is a provable lie.  If you go back to the Bush tax cuts, you will find that tax revenues increased massively.  Even the New York Times was forced to acknowledge that tax revenues increased just as Republicans said they would.  If you go back to the Reagan tax cuts, you will see that tax revenues increased massively.  If you go back to John F. Kennedy’s tax cuts, you will see that tax revenues increased massively; and if you go all the way back to Calvin Coolidge’s tax cuts, you will see that tax revenues increased massively.  Liberals deny reality.  They cannot even begin to comprehend the real world.

It’s stuff like this that makes the REAL middle class want Obama and Biden to get the hell out of Washington.  Middle class voters favor Romney by 14 points (55 to 41 percent).  And Democrats trying to say that middle class voters favor Obama would be like Republicans saying that female grad students who demand that government pay for all their birth control favor Romney.

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Obama’s Wreckovery: In Obama’s ‘Recovery’ Incomes Have Fallen Nearly TWICE As Much As During The Actual Recession From June 2007 to June 2009

August 27, 2012

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.