"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." -- Theodore Roosevelt


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Tuesday, September 4, 2012

Under Obama Median Household Income Down 7.3%

"You will bow down before me, child! You, and one day, your heirs!!"


I'll be leaving on a trip for a few days (no, not to anywhere near North Carolina), but I thought I'd leave this sobering article from Forbes up for the time that I'm gone. And this picture of the glowering Sand Obama looking like it's about to spring to life and devour that child.

From the Forbes article by Peter Ferrara (read the whole piece at the link):

"New income data from the Census Bureau reveal what a great job Barack Obama has done for the middle class as President. During his entire tenure in the oval office, median household income has declined by 7.3%.

"In January, 2009, the month he entered office, median household income was $54,983. By June, 2012, it had spiraled down to $50,964. That’s a loss of $4,019 per family, the equivalent of losing a little less than one month’s income a year, every year. And on our current course that is only going to get worse not better.

"Obama never tires of telling us that the economy was in one of the worst recessions since the Great Depression when he entered office, as if he was the only President to have suffered a recession early in his term. But nobody expected that he would use the vast powers of the most powerful office in the world to make it worse. But that is what he has done.

"Even if you start from when the recession ended in June, 2009, the decline since then has been greater than it was during the recession. Three years into the Obama recovery, median family income had declined nearly 5% by June, 2012 as compared to June, 2009. That is nearly twice the decline of 2.6% that occurred during the recession from December, 2007 until June, 2009. As the Wall Street Journal summarized in its August 25-26 weekend edition, 'For household income, in other words, the Obama recovery has been worse than the Bush recession.'

[...]

"The problem is that Obama has only greatly accelerated everything Bush did wrong, and reversed everything Bush did right. So Obama’s spending has skyrocketed the federal budget by nearly one-fourth as a percent of GDP in just one term. Moreover, the Obama Fed has abandoned any semblance of control over monetary policy, buying most of the soaring federal debt issued to finance Obama’s record smashing federal deficits with newly printed money (actually created by computer record, a sort of cyberprinting). Of course, the whole point of Obama’s tax policy has been to more than reverse the Bush tax rate cuts, which is now already slated under current law to go into effect on January 1.

"That is why it will all only get worse in a second Obama term, as the economy slides back into a double-dip recession in 2013 unless these Obama policies are swiftly reversed. I first began ringing alarm bells about that a year ago with the publication of my Encounter Books Broadside No. 25, Obama and the Crash of 2013. But now even the Washington establishment CBO is pealing the air raid siren as well.

"Renewed, double-dip recession would mean unemployment rocketing back into double digits once again, the deficit exploding to over $2 trillion, the highest in world history by far, real wages and incomes declining even more, and poverty soaring further.

[...]

"Yes, the recession technically ended more than 3 years ago. But the point is that what we are suffering today is the worst economic recovery since the Great Depression. And no Obama apologists cannot say that the recovery is so bad because the recession was so bad, because the American historical record is the worse the recession the stronger the recovery, as the American economy has always before snapped back to its world leading economic growth trend line. That even happened after the Great Depression (once Roosevelt was gone). Check out for yourself the historical record of American recessions and recoveries at www.nber.org.

"Based on this historical record, America should be enjoying its third year of a raging recovery economic boom right now. And it will, after Obama is gone, and his policies are reversed."

I think Ferrara has a given us a quite accurate assessment. I highly recommend you read his whole article at the link above, as he goes into historical details about the recent economies that most people tend to overlook.

2 comments:

  1. Hopefully, Americans don't rely on the dinosaur media to tell them that they are not better off than they were four years ago.

    I'm worried.

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    Replies
    1. I'm not. People know how badly things are going now, and are well aware of how badly their own situations are.

      The only question really is can Obama spin it all into being the GOP's/Bush's fault, or can he scare people into thinking Romney is evil 1%er and will do worse (the Mother Jones' edited tape controversy). These are Obama's only strategies since he cannot run on his terrible record.

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