Incomes Drop Most In 20 Years

Discussion in 'Politics & Religion' started by pspr, Mar 1, 2013.

  1. pspr

    pspr

    Yeah, Obama has this economy humming alright. Like I said in another thread, Bernanke and Obama really have "wage inflation" under control!

    incomes dropped by the most in 20 years, showing households were weathering the payroll-tax increase by socking away less money in the bank.

    Household purchases, which account for about 70 percent of the economy, climbed 0.2 percent after a 0.1 percent gain the prior month, a Commerce Department report showed today in Washington. The median estimate in a Bloomberg survey of 76 economists called for a 0.2 percent advance. Incomes slumped 3.6 percent, sending the saving rate down to the lowest level since November 2007.

    Disposable income, or the money left over after taxes, dropped 4 percent after adjusting for inflation, the biggest plunge since monthly records began in 1959. The drop also reflected the lapse of the payroll tax holiday. Excluding the effect of the tax and other special factors such as the timing of bonuses and dividends, disposable personal income would have increased 0.3 percent in January, the same as in December, the report said.


    http://www.bloomberg.com/news/2013-...in-u-s-climbs-even-as-taxes-hurt-incomes.html
     
  2. Lucrum

    Lucrum

    Damn and I thought Ricky Rectum and Obama's propaganda machine said the economy was just fine.
     
  3. pspr

    pspr

    It's the sequester!!!! The sky is falling and it's all the Republicans fault!!! They made Obama suggest putting the sequester in a bill that he wanted to kick down the road. Whaaaaaaa! Obama got tricked into cutting spending!!

    Actually the economy is about to take a big hit and it's not because of the sequester. We'll have to see if it snowballs into the Great Obama Depression. The Fed won't be able to help, they are already doing all they can do to prop up the economy.
     
  4. I'm telling ya, income is dropping because of overwhelming number of women in the workforce.

    I'd bet if you ran a 20 yr chart of income and women entering the workforce this would prove out.

    Men earned more than women, women bitched about pay equality and bada bing bada boom, hire less men.

    Have no fear, everything is going to be all right once Barry raises the min wage.
     
  5. Just pure madness.

    How much more can people take as Obama runs the country into the ground?
     
  6. Lucrum

    Lucrum

    Plenty I'm afraid, since 47% of them don't pay federal income tax and many are concerned with nothing but getting their government checks.

    Why would the parasites care if the productive tax payers are earning less?
    It's not like it means their government check amounts are affected.
     
  7. More the sad of it.

    The parasites want sequester to be avoided, as they would ANY reduction in spending. In fact, they'd rather spending/deficits INCREASE if that means they get a bigger check. They think, "the more, the merrier"... without regard to the end game of all of this profligate debt creation and deficit spending.

    We should look for ZERO spending cuts from the Dems.

    :(