The Bush Legacy...Lost Decade for Family Income

Discussion in 'Economy' started by Bfgrn, Sep 17, 2010.

  1. Bfgrn
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    Bfgrn Gold Member

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    The failed 'conservative' revolution over the last 30 years is coming home to roost. Tax cuts for the wealthy created ZERO private sector jobs over the last decade.

    And the right wing pea brains and teabaggers want to do MORE of the same, but this time with malice toward the middle class, the unemployed and the poor.

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    Lost Decade for American Income - WSJ.com

    The downturn that some have dubbed the "Great Recession" has trimmed the typical household's income significantly, new Census data show, following years of stagnant wage growth that made the past decade the worst for American families in at least half a century.

    The bureau's annual snapshot of American living standards also found that the fraction of Americans living in poverty rose sharply to 14.3% from 13.2% in 2008—the highest since 1994. Some 43.6 million Americans were living below the official poverty threshold, but the measure doesn't fully capture the panoply of government antipoverty measures.

    The inflation-adjusted income of the median household—smack in the middle of the populace—fell 4.8% between 2000 and 2009, even worse than the 1970s, when median income rose 1.9% despite high unemployment and inflation. Between 2007 and 2009, incomes fell 4.2%.

    "It's going to be a long, hard slog back to what most Americans think of as normalcy or prosperous times," said Nicholas Eberstadt, a political economist at the right-leaning American Enterprise Institute.

    The data, released Thursday, underscore the extent to which U.S. households relied on government benefits—and each other—to weather the recession and how living standards at the middle of the middle class have stalled. The report comes as the economy is at the center of a vigorous debate over how government policy can best help the poor and unemployed.

    ...

    The median household income fell 0.7% to $49,777 in 2009, down 4.2% since 2007, when the recession started, the Census Bureau said.

    The bureau said that the drop in income in the recent recession, so far, wasn't much different from those recorded in the early 1990s and early 2000s recessions, and was actually smaller than the 6% drop recorded in the deep recession of the early 1980s.

    But there is a difference this time: In the prior three recessions, incomes fell after years of upswing, then resumed growing once the downturn ended. The decline this time comes on top of a long period in which incomes stagnated even through the recovery of 2003 to 2007.
     
  2. Charles_Main
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    Charles_Main AR15 Owner

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    I really feel for people like you man. Such a simple mind that you actually think one president is responsible for an economic crisis that was Decades in the making, and the Fault of BOTH PARTIES.
     
  3. Oddball
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    Oddball BANNED Supporting Member

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    [​IMG]
     
  4. Bfgrn
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    Bfgrn Gold Member

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    Unless that 'president's' name is Barack Obama...

    Yea, it started in 1980. This is the culmination of the second failed revolution of extreme 'ideology'...

    The Bolshevik revolution was the failure of unfettered communism, and the Reagan revolution was the failure of unfettered capitalism.
     
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  5. Old Rocks
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    Old Rocks Diamond Member

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    Well, he surely will take his place as America's most incompetant President.
     
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  6. loosecannon
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    loosecannon Senior Member

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    Essentially the modern recession is a deferred reckoning with the dot com collapse of 2001-2.

    The difference between this recession and others of the past is that monetarists have prevented us from realizing the requisite corrections that recessions demand.

    Under Carter and Reagan unemployment soared, inflation went double digit! But that was what the economy NEEDED to readjust and prosper again.

    There hasn't been a correction during a recession since the early 80's. Instead the monetarists have ginned up the printing presses and kicked the recessions further down the road.

    We should have been watching our wages erode continuously since the early 80's but a lot of borrowing and a lot of bubbles concealed from us the true fallacy of our faux prosperity.

    Today's recession is just a way of reckoning with a secret recession that has been lurking beneath the surface for 3 decades, ever since the dollar was taken off the gold standard.
     
  7. loosecannon
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    loosecannon Senior Member

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    Exactamundo.

    Give this man a cigar!
     
  8. Charles_Main
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    I for one do not blame Obama for all of this. I blame him for what I see as a failed attempt to respond to it.

    however I do hold the current congressional democrats and Obama's feet to the fire big time over one thing for sure. That is that for 8 years we were told that Bushes spending on the war in Iraq was destroying our Nation. For 8 years that is all we heard. We spend to much, it has to stop. Then they get into power and spend 3 times as much as the Iraq was cost in 8 years, in a matter of Months. Frankly I was stunned. Yes I know they claim they had to do it to respond to the economic crisis, But I think that is a load of BS. They did not have to spend as much as they did, and they did not spend what they did in anywhere near the most efficient manner there is to stimulate the economy or Jobs. Hell half the stimulus was simply bail outs for state budgets. bail outs that simply encourage the states to ignore the sustainability of their spending and not make any corrections.

    They have done nothing to address the underlying issues of Debt, Deficits. We face an even more painful correction coming because of it.

    Both Parties share the blame, but right now, Democrats are running the show, and fucking shit up just as well as Republicans ever had.
     
    Last edited: Sep 17, 2010
  9. rdean
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    rdean rddean

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    No one is blaming just "Bush". It's the entire Republican ideology that sucks.

    The worship of the rich. Anti education. Fuck the middle class. The deregulation. The wars.

    What have Republicans done right for decades?

    When Eisenhower was president, the tax rate was 91% for the wealthiest Americans. Now, the nations wealth is concentrated in the hands of a very few and during the Bush administration, their fortunes exploded.

    I saw a report that the top 25 hedge fund managers made a billion dollars EACH.

    When money is not being spread through the economy, we call that "depression".

    Right wingers complain, they should keep it. Well, if they aren't going to "war", like the middle class, and fight for this country that keeps their fortunes "safe", then they should fund the people that do.
     
  10. Charles_Main
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    Even if I grant you that. You ignore the Democrat Ideology is not doing so hot at the moment.

    See that is why you are a partisan hack, and I am not. because I can see the flaws in both parties, while you only see one side of the story.
     

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