Private Sector Incomes Plummet Under Obama

Discussion in 'Politics' started by pspr, Aug 23, 2012.

  1. pspr


    American incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression, according an analysis of U.S. Census Bureau data by Sentier Research LLC.

    Median household income fell 4.8 percent on an inflation- adjusted basis since the recession ended in June 2009, more than the 2.6 percent drop during the 18-month contraction, the research firm’s Gordon Green and John Coder wrote in a report today. Household income is 7.2 percent below the December 2007 level, the former Census Bureau economic statisticians wrote.

    “Almost every group is worse off than it was three years ago, and some groups had very large declines in income,” Green, who previously directed work on the Census Bureau’s income and poverty statistics program, said in a phone interview today. “We’re in an unprecedented period of economic stagnation.”

    While gains in hourly earnings and average hours worked per week may have had “a minor mitigating effect” on income declines, they couldn’t offset a jobless rate that hasn’t fallen below 8 percent since February 2009 and a record duration of unemployment, according to the Annapolis, Maryland-based firm.

    The average duration of unemployment increased to a record 41 weeks in November and remains at 39 weeks, Labor Department data show. Almost 5.2 million Americans have been out of work for at least six months.

    Earnings Drop

    Real median annual household income fell to $53,508 from $54,916 during the 18-month recession from December 2007 to June 2009, according to the firm’s study of income data for the 36- month period ended in June 2012. Incomes kept falling during the 36-month period since then, dropping to $50,964 in June 2012.

  2. "Private Sector Incomes Plummet Under Obama"

    Wasn't that the plan, because the private sector chokes off govt growth?
  3. Lucrum


    Is this the "Hope" or "Change" Odumbo promised the sheeple that voted for him?
  4. pspr


    Isn't one of Obama's slogans:

    "If you ain't going to give most of your income to the givernment then you don't need to earn as much."
  5. People failed to see the big news in this article.
    Income fell more during Obama's recovery than during the recession.
  6. No surprise there, the only people who saw an income increase were benefits scroungers.
  7. pspr


    No matter how Obama paints it, he has been a disaster for business. Especially small business. His bone headed policies, regulations, and anti-business departments like the National Labor Relations Board have just been against the business man from day one of his presidency.
  8. Hey... he promised to "fundamentally change" America. This is what he meant... most of those who voted for him were just thinking "anti-Bush"... got more than they bargained for.

    The anti-Bush sentiment was right for America... he was/is quite the asshole, dictator wannabe. The vote for Odumbo was wrong all along... to reelect him will leave our country mortally wounded.