Thanks, Obama! Incomes Fall $3,040 During ‘Recovery’

September 28, 2012

Americans must be wondering how much more of this “recovery” they can afford.

New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.”

Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession.  Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.

Yet it gets worse.  Amazingly, incomes have dropped even more during the “recovery” than they did during the recession.

In fact, they’ve dropped more than twice as much as they did during the recession.  From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent.

From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent.  This begs the question:  What kind of “recovery” compares unfavorably with the recession from which it’s ostensibly recovering?

Two of the groups hit hardest have been ones that turned out in abundance for Obama in 2008:  black Americans and younger Americans (those between the ages of 25 and 34).

During the first three years of the Obama “recovery,” the real median household income for black Americans dropped a whopping 11.1 percent.  For Americans between the ages of 25 and 34 — the group most apt, as Paul Ryan put it, to be “staring up at fading Obama posters” and looking to “get going with life” — real median household income dropped 8.9 percent.

Moreover, we’re still not headed in the right direction.  Last month, American households’ real median annual income fell by another $543 — from $51,221 to $50,678.

Sentier’s Gordon Green, former chief of the Governments Division at the Census Bureau, says, “This latest decline in real median annual household income is indicative of a struggling economy.”  He adds that, while we are “technically” in a recovery, “real median annual household income is having a difficult time maintaining its present level, much less ‘recovering.’”

Similarly, the percentage of Americans who are employed has dropped during the Obama “recovery” — from 59.4 percent during the final month of the recession to just 58.3 percent last month.  That’s according to the Obama administration’s own figures.

So, to recap, compared to the last month of the recession (in June 2009), the percentage of Americans who are employed has dropped 1.1 points, and typical Americans’ real annual household income has dropped $3,040.  Who knew how good we had it back in the glory days of the Great Recession?

No wonder Obama says he’s running for reelection because he wants to realize “the future we imagined in 2008.”  He can’t very well run on the reality we’re experiencing in 2012.

From:  http://www.weeklystandard.com/blogs/americans-incomes-have-fallen-3040-during-obama-recovery_653116.html


Obama “Recovery” Now Ranks Dead Last in Modern Times

July 9, 2012

ImageOnly 80,000 new jobs were created last month, way below Wall Street expectations. It’s the fourth consecutive monthly disappointment. For a few months last winter, jobs were rising at an average of 225,000 a month. But that has sloped way down to only 75,000. The unemployment rate continues at 8.2 percent, which is the forty-first straight month above 8 percent. The U6 unemployment rate, which includes discouraged workers, is just under 15 percent.

As voters finalize their election impressions this summer, all of this is bad news for the Chicago incumbent.

At a campaign stop in Ohio on Friday, Obama actually said we’re still “heading in the right direction.” Is he kidding? As a stagnant GDP drops below 2 percent, employment falters, retail sales decline, and the ISM index for manufacturing drops below 50 (signaling contraction)? No objective observer can deny that the economy is headed in the wrong direction.

I don’t like playing the pessimist, but the numbers are the numbers. This is exactly what former Clinton advisers James Carville, Doug Schoen, and Stanley Greenberg have been warning Obama about. People just don’t believe the economy is getting better. So he’s gotta change his message.

But what change? Taxing rich people won’t create jobs. Neither will bashing Bain Capital. Obama is surrounded by leftist campaign advisers. And it’s hard to see them shifting gears to something constructive like making a summer deal to extend the Bush tax cuts for a year, or heaven forbid backing off the 20-some-odd tax hikes embodied in Obamacare.

In other words, Obama’s goose may already be cooked.

The Joint Economic Committee (JEC), spearheaded by Texas congressman Kevin Brady, put out a report saying that the Obama recovery now ranks dead last in modern times. That’s a real milestone in the post-WWII era. It’s ten out of ten for both jobs and economic growth. According to the Bureau of Economic Analysis, real GDP has expanded only 6.7 percent over the eleven-quarter recovery since the recession ended. The Reagan recovery at the same stage had increased by 17.6 percent. The Clinton recovery by 8.7 percent.

As for jobs, the Bureau of Labor Statistics reports that the number of private-sector jobs has grown by only 4.1 percent since the cyclical low point. Reagan’s record was 10.7 percent.

So much for Obamanomics. Didn’t work. Still isn’t working. As the JEC put it, spending stimulus, housing bailouts, auto bailouts, financial bailouts, cash for clunkers, cash for caulkers, and $5 trillion in deficit spending left the Obama recovery dead last in modern times.

Whatever happened to the great boom of the ’80s and ’90s, when the animal spirits were strong and the American economy wasn’t held hostage by Europe or China? In an odd twist, both Obama and his top economist Alan Krueger blame “problems built up over decades.” Does that mean they blame Clinton? Reagan?

For nearly 25 years — during those bad old decades — the economy increased 3.3 percent annually. Unemployment dropped from 11 percent to 6 percent to 5 percent to below 4 percent. Obama would swoon for numbers like that. But those statistics come from the era when big government was over, when pro-market forces stopped the expansion of Leviathan, and when marginal tax rates were slashed to grow the economy.

From:  http://www.nationalreview.com/articles/304935/obama-s-goose-cooked-larry-kudlow


Thanks, Obama!

April 29, 2011

ECONOMY SLOWS, INFLATION GROWS…

Doubt cast on recovery…

Dollar drops to lowest since 2008…

Investors flee greenback; silver hits all-time high, gold sets new record…


GALLUP: U.S. confidence plunges, only 27% say economy is growing…


WAL-MART: Our shoppers are ‘running out of money’…


JOBLESS CLAIMS 429,000…


Obama, Where’d The “Stimulus” Money Go? Existing-Home Sales Continue to Plunge…

March 22, 2011

Sales of previously owned U.S. homes fell unexpectedly sharply in February and prices touched their lowest level in nearly nine years, implying a housing market recovery was still a long off.

 

The National Association of Realtors said Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains.

 

The percentage decline was the largest since July.

 

Economists polled by Reuters had expected February sales to fall 4.0 percent to a 5.15 million-unit pace from the previously reported 5.36 million unit rate in January, which was revised slightly up to 5.40 million.

 

The median home price dropped 5.2 percent in February from a year earlier to $156,100, the lowest since April 2002.

 

“If the price declines persist, even with the job market recovery, that could hamper recovery in the housing market,” said NAR chief economist Lawrence Yun.

 

Compared with February last year, sales were down 2.8 percent.

 

Oversupply of homes and a relentless wave of foreclosures are pressuring prices, holding back recovery in the sector, whose collapse helped to tip the U.S. economy into its worst recession since the 1930s.

 

From:  http://www.cnbc.com/id/42192395


Thanks, Obama! 1.2 Million More Home Foreclosures Planned for 2011, Topping the 1 Million Homes Foreclosed On in 2010

January 14, 2011

Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and industry experts say more people will miss payments because of job losses and also loans that exceed the value of the homes they are living in.

 

“2011 is going to be the peak,” said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes will be repossessed this year.

 

The blistering pace of foreclosures this year will top 2010, when a record 1 million homes were lost, RealtyTrac said Thursday.

 

From:  http://news.yahoo.com/s/ap/us_foreclosure_rates