Skip to comments.WaPo: Man, This Economy Stinks
Posted on 08/25/2012 3:55:45 AM PDT by Kaslin
Actually, the Washington Post is merely reporting on a new study that underscores just how miserable Barack Obama's "recovery" has been for middle class Americans. Headline: Household Income is Below Recession Levels, Report Says...
Household income is down sharply since the recession ended three years ago, according to a report released Thursday, providing another sign of the stubborn weakness of the economic recovery. From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent, to $50,964, according to a report by Sentier Research, a firm headed by two former Census Bureau officials. Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey. The recession, the most severe since the Great Depression, lasted from December 2007 to June 2009. Overall, median income is 7.2 percent below its December 2007 level and 8.1 percent below where it stood in January 2000, when it was $55,470, according to the report.
Re-read that bolded sentence. Incomes have dropped more since the beginning of Obama's recovery than they did during the recession he inherited. In short, Obama built that. (Paging Stephanie Cutter). Ed Morrissey catches another revealing stat buried in the third-to-last paragraph of the Post's story:
Households led by the self-employed saw their income drop 9.4 percent, to $66,752, the report said. Households headed by private-sector employees saw wages drop by 4.5 percent, to $63,800, and households led by government workers saw median income decline by 3.5 percent, to $77,998, the report said.
Scoreboard: Private sector workers, $64K; government sector workers, $78K. Over to you, buddy:
http://www.youtube.com/watch?v=qevbhsmKFOQ&feature=youtu.be>Obama To 23 Million Struggling Americans: "The Private Sector Is Doing Fine"
"The private sector is doing fine."
This president is clueless about how the economy works, and his policies are making things worse. Contrast Obama's resume with Mitt Romney's. The former CEO, Olympic Chairman and governor penned an op/ed in today's Wall Street Journal outlining his CV and reflecting on lessons learned:
The lessons I learned over my 15 years at Bain Capital were valuable in helping me turn around the 2002 Winter Olympics in Salt Lake City. They also helped me as governor of Massachusetts to turn a budget deficit into a surplus and reduce our unemployment rate to 4.7%. The lessons from that time would help me as president to fix our economy, create jobs and get things done in Washington. A broad message emerges from my Bain Capital days: A good idea is not enough for a business to succeed. It requires a talented team, a good business plan and capital to execute it. That was true of companies we helped start, like Staples and the Bright Horizons child-care provider, and several of the struggling companies we helped turn around, like the Brookstone retailer and the contact-lens maker Wesley Jessen. My presidency would make it easier for entrepreneurs and small businesses to get the investment dollars they need to grow, by reducing and simplifying taxes; replacing Obamacare with real health-care reform that contains costs and improves care; and by stemming the flood of new regulations that are tying small businesses in knots
Romney leads Obama by nine points on the economy in the latest Gallup poll, as Obama remains seen as more "likable."
The first American Idol president
Well WaPo we could have told you this 4 years ago and could have saved you the trouble of figuring this out yourselves, ( John Belushi ) But Nooooooooooooooooooooo ! you didn’t listen and told us that we were a bunch of racist, crack pots, the fringe right, loons, anyone who ever opposed you, the D.N.C., Democrats, and the MSM.
Even that is too much of a compliment for this dingo.
” Actually, the Washington Post is merely reporting on a new study that underscores just how miserable Barack Obama’s “recovery” .... is is not a recovery if there is misery attached to it. i.e. the misery index.
Actually, I don’t see this as a plus for Obama.
It’s sort of like the homeless. Under Reagan and Bush that was all they could talk about. Under Clinton, the problem was solved ten seconds after his swearing in. Never heard about it again.
The fact that the WP touches on this negative issue, seems to me to be another crack in the support for Obama.
We’ve seen some cracks on CNN. Now it’s the WP. Looks as if the natives are VERY restless.
Where do they get this crap that the recession ended 3 years ago.
"Recovery." Yeah, right.
Historically Americans used to quickly recover from a recession. Our economic successes go go all the way back to the Kennedy administration's years. We actually DO know how to get out of recessions.
The cause of the depression we have now is that Obama has failed to do the obvious steps to get America rolling again and get people working.
In fact the Obama administration has actually taken many destructive steps hidden from the public eye (with the collusion of the printed media) to bring the US economy lower and lower.
This economy is a key part of the Obama plan, folks, to diminish America and impoverish the people until they beg for his new form of American government led permanently by him. How wrong he is!
Never doubt the evil of this dictator.
It is easier to teach goats to surf than for Obama to understand how a lemonade stand works.
Smart goats surfing.
” It is easier to teach goats to surf than for Obama to understand how a lemonade stand works. “
A simple conundrum for Lib-Dems — merely use venial, overly officious local bureaucrats to legislate and regulate and ‘enforce’ lemonade stands out of existence...
(And they can even graze goats on the lands freed up from those free-enterprise eyesores and public hazards... ;))
If you don’t write the word “recovery” in every sentence you are not allowed to be a financial or political reporter in the MSM or financial media.
The good news is that you know anyone who uses the word “recovery” is a pathological liar. They might as well wear a shirt with “kick me” written on their back.
What is unsaid is that the recession has been over a long time.
Nobody will call it that, but this is Great Depression II. Sure, things were bad in 2008, but more people were working, the burden of micromanagement was much less, and there was not yet in place an agenda to fundamentally alter the very fabric of what made up our nation. What was bad was made exponentially much, much worse, with high and rising unemployment numbers, capital flight (or at least lockup), and spinning off in a dozen different directions in pursuit of some form of “venture capitalism” funded in good part by taxpayer dollars, perhaps the worst of the misallocations of available resources that we have faced.
“Too big to fail” has become a euphemism for government takeover and exerting dictatorial control of what should have been left to relatively unfettered daily business transactions entered into freely by knowledgeable participants. Instead of allowing General Motors and Chrysler to take the route of business bankruptcy, and reorganize into profitable concerns, they were put on life support. Chrysler managed to find another international partner (Fiat, itself a child of government-private funding that resuscitated the company again and again from the days of Mussolini on), but is still painfully beholden to the government, after defaulting on its payments to other private investors. GM is sputtering around, the laboratory for experimentation on how NOT to run an industrial concern, but still a drain and a net loss to the government.
Meanwhile, China, a nominally Communist country, has taken over and assumed the position the Soviet Union once held, a nation divided between the desperately poor rural folk who struggle manfully to provide the bulk of the nation’s food demand, and the rapidly modernizing industrial base, which has just about eclipsed Japan and is rapidly becoming significantly closer to the failing and shrinking industrial base that has up to now, supported the lifestyle of the United States, once envied all over the world. In per-capita worth, this country is surpassed by our neighbor to the north, Canada, who has seen the US become a much less reliable trading partner in just the past three and a half years. More in sorrow than in anger, the Canadians have turned their exports to the Pacific Rim countries, which is a more difficult choice in terms of logistics, but far easier than trying to reason with the Current Regime in Washington DC.
Are you better off than you were in 2008? If the answere is “yes”, then just keep right on that path paved with good intentions.
But if like most of the rest of us, the answer is “no”, you know what you have to do. Here is the broken glass, people, start crawling over it.
I think they were hoping that if they said it was over, people would start buying stuff and business would start growing.
Kind of like saying the blown transmission on your car recovered overnight, so let's go for a ride.
Lest we forget, this video is a nice reminder of what Lenin brought forth in Russia. Remember as you watch this that there were American business people funding the Bolsheviks (just like some on Wall street, and people like Soros fund the left), and the American left thought that Russian communism was wonderful. This might seem off topic, but I think it fundamentally relates to the problems we are having economically with leftists at the helm.
Or perhaps: "The patient died after a very slow recovery since the end of his illness".
Not only do the moron voters prevail apparently, but even today Ras has Bama by 1 pt. I just sit and wonder, how can this be? The US is collapsing and the takers are winning the battle. With dunces like Aiken, we may not even get the Senate. For 70 yrs., the NEA, MSM, Dems in general have so dumb-downed America that the non-producers all seem to be sprouting from the womb of dependence just as America needs producers and makers. Very sad for seniors like myself.
Isn’t that the $64,000 question.
Seriously, you can have an economy in this p—s poor shape, and they can’t even call it a recession? Without that designation, the worst economy, job situation, housing situation, unemployment underemployment and workers having given up, in 80 years is considered what? Normal?
I hadn’t considered this point until responding to you, but isn’t this just one more evidence that our government leaders are so out of control, they don’t have a single fricken clue?
There isn’t one chance out of a billion I could ever accept this as normal, or not some designation of a recession or even a depression. If I held office, I would buck the trend and reference in these terms.
I realize there are certain criteria that have to exist for there to be a recession, but it seems to me that this situation calls for some rethinking of what determines one.
If this isn’t a recession, the term is meaningless. Frankly, I think there’s an argument to be made that it goes beyond recession too.
I appreciate you raising the point. It is something that needs to be discussed IMO.
Gerald Celente is not a pathological liar and he uses the word recovery a lot! “There IS NO recovery,” he says quite often. If some of my late aunts and uncles were still among the living they might say, “They ain’t no such of a thang as no recovery goin’ on an’ ain’t agonna be no time soon so you might as well not waste yo’ time alookin’ fer it.” They didn’t exactly use the standard English as taught at Harvard but they danged shore knowed what wuz agoin’ on.
The powers that be know that it is a recession, but they think they can lie their way out of it.
The Democrat bunch who have made all sorts of disparaging remarks about Ryans Budget are the ones who haven’t had a budget in 3 years.They just spend to suit themselves.These same people who are helping the ill by adding a tax to
the cost of a wheelchair.The same bunch who took 716 Billion dollars from Medicare and accuse Ryan of trying to ruin Medicare.
They know we are in recession, but as long as they can keep the checks going out to those who aren’t working, keep the Food Stamps going out,the voters who vote for democrats do not know there is a recession,they believe the lie.
When the Greek style bankruptcy comes in on them they will be wondering what happened.They will say “Things were going so well, we were recovering weren’t we.’ Obama told me we were and Harry Reid, and Nancy Botox, swore to it”.
” Kind of like saying the blown transmission on your car recovered overnight, so let’s go for a ride. “ forgetting that half of the transmission’s parts and case are scattered all over the road a 1/4 mile back.
I agree with your comments. Thanks for the response.