PoliticalChic
Diamond Member
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- #81
"“Between the early 1980s and 2007 we lived in an economic Golden Age. Never before have so many people advanced so far economically in so short a period of time as they have during the last 25 years. Until the credit crisis, 70 million people a year were joining the middle class. The U.S. kicked off this long boom with the economic reforms of Ronald Reagan, particularly his enormous income tax cuts. We burst from the economic stagnation of the 1970s into a dynamic, innovative, high-tech-oriented economy. Even in recent years the much-maligned U.S. did well. Between year-end 2002 and year-end 2007 U.S. growth exceeded the entire size of China's economy.”
Interesting info. Thanks. It always interests me what people consider middle class. I consider a person that makes at least $50,000 middle class. Under that, I would consider them trying to reach middle class status. In to days age $50,000 a year plus benefits won't buy you any extras whatsoever but you can afford to at least pay a meager, emphasis, MEAGER mortgage and drive a decent used vehicle. There will be those that disagree but invariably they know before posting they are wrong.
1. Do you know what the average family income is?
$52,100
http://www.nytimes.com/2013/08/22/u...-but-is-still-6-below-its-2007-peak.html?_r=0
You lose cachet in a post where you don't define where that income is meager.
Further.... today benefit packages run between 25% and 35% above income.
2. And this....
“…in 1967 only one in 25 families earned an income of $100,000 or more in real income, whereas now, one in six do. The percentage of families that have an income of more than $75,000 a year has tripled from 9% to 27%. But it's not just the rich that are getting richer. Virtually every income group has been lifted by the tide of growth in recent decades.” Great American Dream Machine
This was during the Bush administration.
3. Consider this:
"Although median annual household income rose to $52,100 in June, from its recent inflation-adjusted trough of $50,700 in August 2011, it remained $2,400 lower — a 4.4 percent decline — than in June 2009, when the recession ended. This drop, combined with the 1.8 percent decline that occurred during the recession, leaves median household income 6.1 percent — or $3,400 — below its level in December 2007, when the economic slump began."
http://www.nytimes.com/2013/08/22/u...-but-is-still-6-below-its-2007-peak.html?_r=0
This is directly attributed to the incompetent in the White House.
4. Compare this with the Reagan recovery:
"During this seven-year recovery, the economy grew by almost one-third, the equivalent of adding the entire economy of West Germany, the third-largest in the world at the time, to the U.S. economy. In 1984 alone real economic growth boomed by 6.8%, the highest in 50 years. Nearly 20 million new jobs were created during the recovery, increasing U.S. civilian employment by almost 20%. Unemployment fell to 5.3% by 1989.
Real per-capita disposable income increased by 18% from 1982 to 1989, meaning the American standard of living increased by almost 20% in just seven years. The poverty rate declined every year from 1984 to 1989, dropping by one-sixth from its peak. The stock market more than tripled in value from 1980 to 1990, a larger increase than in any previous decade."
Reaganomics Vs. Obamanomics: Facts And Figures - Forbes