Obamanomics Fail: American Incomes Fell By Twice As Much During Obama ‘Recovery’ Than During ‘Recession’

Obamanomics Fail: American Incomes Fell By Twice As Much During Obama ‘Recovery’ Than During ‘Recession’ – Independent Journal Review

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The Weekly Standard Blog reports on another failure of the Obama economic policy. According to new research, Obama’s attempt to staunch the “income gap” has caused the average income Americans to fall at a much greater rate during his “recovery” than what he constantly touts as, “the greatest recession since the Great Depression.”

New estimates derived from the Census Bureau’s Current Population Survey by Sentier Research indicate that the real (inflation-adjusted) median annual household income in America has fallen by 4.4 percent during the “recovery,” after having fallen by 1.8 during the recession. During the recession, the median American household income fell by $1,002 (from $55,480 to $54,478). During the recovery – that is, from the officially defined end of the recession (in June 2009) to the most recent month for which figures are available (June 2013) – the median American household income has fallen by $2,380 (from $54,478 to $52,098). So the typical American household is making almost $2,400 less per year (in constant 2013 dollars) than it was four years ago, when the Obama “recovery” began.

Actually, the disparity is more than twice as much, approaching two and a half times as much.

Let’s take the liberal assumption that income inequality is a measure that should be considered as a measure of success of governance, and that the government should be concerned with lessening it, even at the expense of average income growth.

How did Obama do there? Awful:

Research by University of California economist Emmanuel Saez shows that since the Obama recovery started in June 2009, the average income of the top 1% grew 11.2% in real terms through 2011.

The bottom 99%, in contrast, saw their incomes shrink by 0.4%.

As a result, 121% of the gains in real income during Obama’s recovery have gone to the top 1%. By comparison, the top 1% captured 65% of income gains during the Bush expansion of 2002-07, and 45% of the gains under Clinton’s expansion in the 1990s.

So if the “recovery” fails by the conservative standard of simply raising wealth and prosperity, and it fails by the liberal measure of redistribution of income from the top to the bottom, what is left to credit Obama with?

Nothing – which is exactly why he spends all his time blaming Congress for his failures.

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Negative Growth: Economy Tanks In Fourth Quarter

Negative Growth: Economy Tanks In Fourth Quarter – Big Government

Yesterday, Breitbart News reported that consumer confidence had dropped to its lowest level in almost two years. Much of the media spun the number as the result of a payroll tax increase that hit millions who were repeatedly told by Obama that only the rich would see their taxes increase. Surprise! But the spin didn’t explain why consumer confidence had steadily dropped during the months prior. Well, now we know: The American economy has taken a nosedive.

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For the first time in over three years, the U.S. Gross Domestic Product shrank. Between October and December of 2012, the GDP had a negative growth of 0.1. And let’s remember that this is the same quarter where we saw the media go into hyper-drive to spin Obama’s anemic job and GDP growth into a repeat of the Roaring Twenties.

The problem with the American economy is that Obama and his media can’t fool it. Happy talk and spin and distractions about contraception don’t create jobs or growth. You might be able to fool legions of people into voting a certain way, but you can’t fool them into spending and hiring and investing.

Apparently, though, the media and Obama have managed to fool themselves. Even the Wall Street Journal calls today’s news “unexpected.” And anyone who watched Obama’s Inauguration speech knows that his failed economy and the millions suffering in it are either not on his radar or of no concern whatsoever. Obama spoke of many things, but not the economy. He’s in a war to win the culture, not to win anyone a job to lift them out of poverty.

The media is just as bad. The biggest story in our country today should be the increase in poverty and an unemployment crisis so dire our labor force has shrunk to thirty-year lows. But neither will speak of it. We do, however, know all about some idiot and his phony girlfriend. We know all about a “heckle” that didn’t happen. One wonders which is the bread and which is the circus.

The pickle both Obama and the media have put themselves in, though, is this: If either makes the economy a priority, that’s an admission Obama’s economy is in trouble. And so we find ourselves in a situation we’ve seen in other countries where the state and media have aligned — a situation where we’re told a bad economy is a good economy, and the victims of this propaganda are those suffering in a bad economy no one wants to admit exists.

Already the media’s spinning this GDP report in a way that says our economy tanked because the government didn’t spend enough. That’s right, annual trillion dollar deficits for as far as the eye can see, but the media push to protect the State from blame and to use this terrible news as a way to further grow the State is already on.

NBC’s Chief White House Correspondent, Chuck Todd, just assured America this was a one-time economic anomaly and that prosperity is right around the corner. If a job had been created every time a member of Obama’s media said this, we’d have full employment today.

We live in interesting and dangerous times.

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Young Families Have Lost 59% Of Their Wealth In Recession

Young Families Lost 59% Of Their Wealth – Sweetness & Light

From the New York Post:

Young households ‘crushed’ by recession

By PAUL THARP
June 19, 2012

Young US households – those aged 35-to-44 – lost a stunning 59 percent of their wealth during the recession, a government report released yesterday revealed.

That’s the stiffest hit of any age group, said the report from the US Census Bureau.

The age group – typically struggling with mortgages, tuition bills and rising tax bills -makes up the backbone of America’s middle class.

How could that have happened when Barack Obama put Joe Biden himself in charge of protecting the middle class?

The losses were mainly due to the drop in the value of their homes during the 2005 through 2010 period, the report said.

“Lower- and middle-income households got especially creamed because their biggest asset is their home, and that got crushed,” said Mark Zandi, chief economist at Moody’s Analytics.

So where is ‘Sherriff Joe’?

Though, to be fair, we now know that ‘Bite Me’ didn’t come from the lower or middle classes, after all. In fact, Biden is insulted that anyone would even think that.

Overall, the average family lost 35 percent of its household wealth, composed largely of home values and stock investments.

The plunge in real estate and securities, among other negative events, left the average family holding net assets valued now at $66,704, a steep drop from $102,844 in 2010…

But the private sector is doing fine.

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Actual Unemployment Rate Reaches 17.3 Percent As Economy Sheds Another 85,000 Jobs

Economy Loses 85,000 Jobs In December, Jobless Rate Stays At 10 Percent – Fox News

The economy lost more jobs than expected in December while the unemployment rate held steady at 10 percent, as a sluggish economic recovery has yet to revive hiring among the nation’s employers.

The Labor Department said Friday that employers cut 85,000 jobs last month, worse than the 8,000 drop analysts expected.

A sharp drop in the labor force, a sign more of the jobless are giving up on their search for work, kept the unemployment rate at the same rate as in November. Once people stop looking for jobs, they are no longer counted among the unemployed.

When discouraged workers and part-time workers who would prefer full-time jobs are included, the so-called “underemployment” rate in December rose to 17.3 percent, from 17.2 percent in October. That’s just below a revised figure of 17.4 percent in October, the highest on records dating from 1994.

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