Obama’s “recovery” WORSE than Bush’s “recession!”

[KissMy]

Obama’s “recovery” WORSE than Bush’s “recession!”

Income Declined More During “Recovery” Than Recession

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.

[ame="http://www.youtube.com/watch?v=axfTmFdPpP0"]"This is the Worst Economic Recovery America Has Ever Had"[/ame]

Hey Hey Ho Ho Obama Has Got to GO!!!

 

[EdwardBaiamonte]

Obama’s “recovery” WORSE than Bush’s “recession!”

Income Declined More During “Recovery” Than Recession

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.

[ame="http://www.youtube.com/watch?v=axfTmFdPpP0"]"This is the Worst Economic Recovery America Has Ever Had"[/ame]

Hey Hey Ho Ho Obama Has Got to GO!!!

Yes WSJ reports medium family income has dropped $4019
under BO. Actually fewer people working since he took office!!

A man with the worst economic record since FDR will never get reelected.

 

[KissMy]

Democrats have added $7.26 Trillion to the debt since they took power on 1/1/2007!!! At the same time they cost US 22 Million American Jobs!!!!!!! 5 years in & Democrats are still screwing this country!!!

 

[ScienceRocks]

Yet they have the nerve to blame this on the republicans? WTF???

 

[KissMy]

Look what happened in January 2007 when Democrats took control. We went from growing jobs per capita to loosing them massively. For 5 years now Democrats have been destroying our jobs & country & exploding the debt.

 

[Polk]

Real median income has been declining for a generation. Except for a few years in the late 90s, it's fallen every year since the late 70s.

 

[ScienceRocks]

I find it to be a joke that the democrats are trying to defend this. Obama has failed.

Failed hard.

 

[Mr. Peepers]

Look what happened in January 2007 when Democrats took control. We went from growing jobs per capita to loosing them massively. For 5 years now Democrats have been destroying our jobs & country & exploding the debt.

Right... because the economy crash happened in a vaccuum. You righties are too dumb to even breathe. I mean, seriously? And you can put blame squarely on the private sector for the race to the bottom where wages are concerned. Moron. What has happened to worker's production vs. executive salaries at the same time? See any correlation there? What was it, 2.3 million jobs outsourced between the years of 2000 & 2003 ONLY?

 

[Freemason9]

Look what happened in January 2007 when Democrats took control. We went from growing jobs per capita to loosing them massively. For 5 years now Democrats have been destroying our jobs & country & exploding the debt.

But look what happened after Reaganism destroyed American labor--we've had a continual decline of the American middle class since Reagan began the era of right wing economic policy. This is indisputable. We have had over 30 years of economic decline thanks to Reagan.

What you see is actually a collapse of the American system of crony capitalism. It accellerated under Bush, and Obama cannot stop it (nor can anyone else). The imbalance from concentrated wealth guarantees failure of this system--and no current American political party dares to speak of it.

It doesn't matter if you agree or not, the future remains the same. I personally hope Romney and the Republicans take the presidency so that they can get the blame for what happens over the next ten years.

 

[Freemason9]

Real median income has been declining for a generation. Except for a few years in the late 90s, it's fallen every year since the late 70s.

This is exactly correct, and it began in 1980 with the radical revisionism of Ronald Wilson Reagan, the gifted actor that was elected as a Republican president. He was a superb water carrier for the right wing.

 

[ScienceRocks]

Look what happened in January 2007 when Democrats took control. We went from growing jobs per capita to loosing them massively. For 5 years now Democrats have been destroying our jobs & country & exploding the debt.

But look what happened after Reaganism destroyed American labor--we've had a continual decline of the American middle class since Reagan began the era of right wing economic policy. This is indisputable. We have had over 30 years of economic decline thanks to Reagan.

What you see is actually a collapse of the American system of crony capitalism. It accellerated under Bush, and Obama cannot stop it (nor can anyone else). The imbalance from concentrated wealth guarantees failure of this system--and no current American political party dares to speak of it.

It doesn't matter if you agree or not, the future remains the same. I personally hope Romney and the Republicans take the presidency so that they can get the blame for what happens over the next ten years.

So you want to replace it with Marxism? A system that does nothing but fail.

 

[Freemason9]

Look what happened in January 2007 when Democrats took control. We went from growing jobs per capita to loosing them massively. For 5 years now Democrats have been destroying our jobs & country & exploding the debt.

But look what happened after Reaganism destroyed American labor--we've had a continual decline of the American middle class since Reagan began the era of right wing economic policy. This is indisputable. We have had over 30 years of economic decline thanks to Reagan.

What you see is actually a collapse of the American system of crony capitalism. It accellerated under Bush, and Obama cannot stop it (nor can anyone else). The imbalance from concentrated wealth guarantees failure of this system--and no current American political party dares to speak of it.

It doesn't matter if you agree or not, the future remains the same. I personally hope Romney and the Republicans take the presidency so that they can get the blame for what happens over the next ten years.

So you want to replace it with Marxism? A system that does nothing but fail.

Capitalism does nothing but fail as well. Are you telling me that--because you fear "Marxism"--you think we should do nothing to create a better economic system? Now, THAT'S conservatism at its core!

 

[iamwhatiseem]

There is no recovery. It just stopped getting worse.
Due to 2 stimulus packages, record high social program disbursements and long term unemployment compensation - the real economic conditions are masked.
That is...until the derivative market has a negative adjustment. At that point - we won't care about the dollar anymore.

 

[Freemason9]

There is no recovery. It just stopped getting worse.
Due to 2 stimulus packages, record high social program disbursements and long term unemployment compensation - the real economic conditions are masked.
That is...until the derivative market has a negative adjustment. At that point - we won't care about the dollar anymore.

I mostly agree, although I don't understand your comment about the "derivative market." I thought it already "adjusted," but I admittedly know little about the so-called markets. I work for a living, so the financial shenanigans and thievery associated with Wall Street mean nothing to me.

I think what happens, ultimately, is that the economy will continue to slump due to wealth concentrations and declining real incomes among working citizens. That's the entire cause of every economic calamity that has ever occurred--declining real incomes among the productive portion of the economy.

For some reason, though, this is never discussed in the American corporate media . . .

 

[iamwhatiseem]

There is no recovery. It just stopped getting worse.
Due to 2 stimulus packages, record high social program disbursements and long term unemployment compensation - the real economic conditions are masked.
That is...until the derivative market has a negative adjustment. At that point - we won't care about the dollar anymore.

I mostly agree, although I don't understand your comment about the "derivative market." I thought it already "adjusted," but I admittedly know little about the so-called markets. I work for a living, so the financial shenanigans and thievery associated with Wall Street mean nothing to me.

I think what happens, ultimately, is that the economy will continue to slump due to wealth concentrations and declining real incomes among working citizens. That's the entire cause of every economic calamity that has ever occurred--declining real incomes among the productive portion of the economy.

For some reason, though, this is never discussed in the American corporate media . . .

Derivative markets?
Ready to be moderately alarmed?
The top 5 American banks have over $100 trillion in derivative exposure. The top 9 global banks have over $200 trillion in the derivative casino.
This is larger than the total GDP of every country in the world....combined.
The mortgage crises was HUUUGE...right? The government laid out $1.3 trillion to bail out the financial system. You think they can come up with $100 trillion?

 

[Freemason9]

The thing about these "derivative markets," though, is that they don't actually represent actual dollars. Like much of this modern crony capitalist system, those dollars do not represent actual value.

Think about this: Although you mention that the "top 5 American banks have over $100 trillion in derivitive exposure," this is NOT an asset position--nor is it a liability on anyone's books, since that much money doesn't exist. That sort of claim on a position would simply result in another bankrupty filing (and, most likely, eventual theft of shareholder's positions). In fact, that $100 trillion is a bogus number, since it represents counting the same exposures and claims many multiples of times.

Yes. This IS an imaginary economy, and that is why it will collapse. Most wealth in the U.S. that has been created in the last three decades is imaginary, and is not connected with actual production of anything.

(HOWEVER, I do think that the Trailer Park Boys could have solved the problem easily!)

 

[EdwardBaiamonte]

Capitalism does nothing but fail as well.

too stupid!! The USA is the most capitalist and the most successful in all of human history. THe USSR and Red China failed and switched to capitalism. What planet have you been living on?????

Are you telling me that--because you fear "Marxism"-

why would anyone fear Marxism just because the Marxists Hitler Stalin and Mao killed 150 million!!!

-you think we should do nothing to create a better economic system?

Now, THAT'S conservatism at its core!

too stupid!!! Conservatives want more capitalism to fix the economy!!

 

[oldfart]

Real median income has been declining for a generation. Except for a few years in the late 90s, it's fallen every year since the late 70s.

Your observation is correct. I took the time to backtrack to the sources for the statistics and graphs. Every statistic is legit; it's just that the bloggers who have picked it up have really screwed the story up. The firm mentioned is quite reputable, one of the founders was Chief of Income Statistics at the Bureau of Census before he retired. They do analysis of census data and other government statistics for a number of entities (you can buy a pdf version of their full report for $25.00) such as the Census Bureau itself, the American Enterprise Institute, and a lot of think tanks across the political spectrum. They try real hard to be apolitical.

So the report dosn't draw any of the conclusions attributed to it. The report is actually a monthly series. Like all good flacks, their marketing department sent out a summary hoping some reporters who were clueless and had a deadline would pick it up for filler A guy at the Washington Post did and it was printed on August 23. Ironically, Wapo used it in their email services to try to generate income from their electronic version, and it ended up in my malbox! So that's how it got to the blogoshere.

In short, this monthly report which documents a long term 30+ year trend of falling real median income in the United States has had causality attributed to it which is not in the original report. It shouldn't be. Anyone who confuses corrolation with causality in economic statistics obviously is totally ignorant of both economics and statistics.

And for the asshole who lifted the graph based on the Federal Reserve Bank of St. Louis statistics, I know where you lifted it and the economist you borrowed it from thinks you and your ilk are idiots. Next time plagarize someone who agrees with you. What that graph shows is that the labor force participation rate has fallen as unemploymnt has risen making this measure of labor utilization plummet. I you knew how to read the graph it would be obvious to you that it does not support your point.

But at least you guys didn't make up statistics out of thin air, I give you credit for that. And if you get serious about using economic statistics as opposed to abusing them, I'll give you a head start. Look up lead and lag times for economic policy changes first, then you can write intelligently about whose economic policies should show up when. Just a thought guys.

 

[EdwardBaiamonte]

Yet they have the nerve to blame this on the republicans? WTF???

Yes, Bush is responsible for what happened during his presidency while Barry is not!!

 

[TheGreatGatsby]

On November 6th, we will vote to remain a nation of idiots or to try again. I will be voting to try again.