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Fed survey: median family income declined 7.7% from 2007 to 2010 - Mighty Leviathan Struck Out
Confounded Interest ^ | 06/11/2012 | Anthony B. Sanders

Posted on 06/11/2012 2:53:59 PM PDT by whitedog57

The Democrats in Mudville were ecstatic when they took control of the U.S. House of Representatives and Senate in 2007. But since 2007, family incomes and net worth has both declined.

According to The Federal Reserve Board’s Survey of Consumer Finances (SCF) for 2010 provides insights into changes in family income and net worth since the 2007 survey. The survey shows that, over the 2007–10 period, the median value of real (inflation-adjusted) family income before taxes fell 7.7 percent. The decline in median income was widespread across demographic groups, with only a few groups experiencing stable or rising incomes.

Median net worth also declined, but by 38.8% from 2007 to 2010.

We can split the difference on Presidents: George Bush (2007-2008) and Barack Obama (2009-2010).

Those are gruesome economic numbers. But have the numbers improved since 2010? Not really. While U6 unemployment dropped from 16.50% on June 2010 to 14.80% for the latest employment report, GDP growth is very (sub 2%). And the number of people going on disability was higher than the number of people dropping off of unemployment.

Needless to say, the economy has been less than hoped for since 2007. And with 12,720,000 unemployed, there is no joy in Mudville — mighty Casey Leviathan has struck out.

(Excerpt) Read more at confoundedinterest.wordpress.com ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: democrats; fed; income; wealth
And 2010-2012 have been an employment disaster!
1 posted on 06/11/2012 2:54:07 PM PDT by whitedog57
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To: whitedog57

share the mud.


2 posted on 06/11/2012 2:57:58 PM PDT by brivette
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To: whitedog57

Meanwhile, at Wal-Mart, simple things like Hanes t-shirts have increased 50% in price since 2008.


3 posted on 06/11/2012 3:00:09 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: whitedog57
Fed survey: median family income declined 7.7% from 2007 to 2010 - Mighty Leviathan Struck Out

Nancy Pelosi and Harry Reid were in charge of the Congress.

Democrats were running the country.


4 posted on 06/11/2012 3:03:49 PM PDT by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: whitedog57

That is impossible, the private sector is fine. I heard it on the news.


5 posted on 06/11/2012 3:10:41 PM PDT by BushCountry (I hope the Mayans are wrong!)
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To: whitedog57

Place the inflation they are adjusting it with is understated. Especially food and fuel.

They leave these out of the adjustment because they are so volatile. Things we have no choice over purchasing are left out.

Meanwhile, we crank out public sector millionaire retiree equivalents (to purchasing an annuity) to pay for with higher taxes.


6 posted on 06/11/2012 3:39:50 PM PDT by cicero2k
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