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Thread: Household Income Fell 4.8% During Economic Recovery, Study Finds

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    Household Income Fell 4.8% During Economic Recovery, Study Finds

    American household median annual incomes have fallen 4.8% since the recession ended, from $53,508 in June 2009 -- when the recession technically ended -- to $50,964 in June of this year, a study found.

    But for some subgroups, such as African Americans and those without a college degree, the declines were even starker, according to a study conducted by Sentier Research, an Annapolis, Md.-based research group.

    The nearly 5% decline during the recovery is even larger than the 2.6% drop in median income during the recession.

    "This latest report continues our efforts to help chronicle one important dimension of the economic hardships now being experienced by a large number of American households," wrote co-author Gordon Green. "Based on our data, almost every group is worse off now than it was three years ago, with the exception of households with householders 65 years old and over."
    Household income fell 4.8% during economic recovery, study finds - latimes.com

    ie, things are worse under the "recovery" than they were during the recession

    hardest hit: youth, blacks and folks nearing retirement

    the only winners: seniors

    the middle class is disappearing, poverty is a record high

    American middle class is shrinking - WALB.com, Albany News, Weather, Sports

    How America's Losing The War On Poverty : NPR

    no wonder jake tapper, mark halperin and chuck todd confess this week their reluctance to cover the economy

    newsweek said it best last sunday: hit the road, barack, time for a new prez
    Last edited by The Prof; 08-26-12 at 12:32 AM.

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    Re: Household Income Fell 4.8% During Economic Recovery, Study Finds

    Quote Originally Posted by The Prof View Post
    Household income fell 4.8% during economic recovery, study finds - latimes.com

    ie, things are worse under the "recovery" than they were during the recession

    hardest hit: youth, blacks and folks nearing retirement

    the only winners: seniors

    the middle class is disappearing, poverty is a record high

    American middle class is shrinking - WALB.com, Albany News, Weather, Sports

    How America's Losing The War On Poverty : NPR

    no wonder jake tapper, mark halperin and chuck todd confess this week their reluctance to cover the economy

    newsweek said it best last sunday: hit the road, barack, time for a new prez
    I take an absolute exception to this:

    "Based on our data, almost every group is worse off now than it was three years ago, with the exception of households with householders 65 years old and over."
    THAT is a bunch of baloney. Retired Americans have been crushed by our current economic downturn. They've not only lost 25% equity in their homes, they are living on 1/4th of the income they earned on their cash assets with the artificial "let's help the banks" interest rate fix of the last three-four years. Combine that with Social Security increases that haven't come close to inflation, and an inflation rate since 2008 of approximately 6.4%, and there's absolutely no way they haven't lost much more than the average American family.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Household Income Fell 4.8% During Recovery, Study Finds

    But...but...but...things are so much better since The Messiah got elected!
    Quote Originally Posted by Top Cat View Post
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    Re: Household Income Fell 4.8% During Recovery, Study Finds

    Quote Originally Posted by The Prof View Post
    newsweek said it best last sunday: hit the road, barack, time for a new prez
    I'm sorry, but I don't really see how this is a case against Obama. Are you arguing that under McCain's policies that things would have been better?

    I once criticized Bush's choices and a teacher told me that I need to recognize that hindsight is 20/20. The point is that Obama could have kept us from falling into a double dip recession or he could be responsible for a weak recovery and we could be doing way better than now. Either argument is plausible and you have merely speculated that Obama is responsible. But assuming he is responsible you have to demonstrate how things would have been different outside of his decisions, and I don't think you can do so.
    Quote Originally Posted by Bucky View Post
    The economy will improve under this bill. If a few people die, it will be for the betterament of this country.

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    Re: Household Income Fell 4.8% During Recovery, Study Finds

    Quote Originally Posted by apdst View Post
    But...but...but...things are so much better since The Messiah got elected!
    Although I wouldn't call him the "messiah", I would argue that things are better than they were spiraling into a recession.
    Quote Originally Posted by Bucky View Post
    The economy will improve under this bill. If a few people die, it will be for the betterament of this country.

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    Re: Household Income Fell 4.8% During Recovery, Study Finds

    Quote Originally Posted by CriticalThought View Post
    I'm sorry, but I don't really see how this is a case against Obama. Are you arguing that under McCain's policies that things would have been better?

    I once criticized Bush's choices and a teacher told me that I need to recognize that hindsight is 20/20. The point is that Obama could have kept us from falling into a double dip recession or he could be responsible for a weak recovery and we could be doing way better than now. Either argument is plausible and you have merely speculated that Obama is responsible. But assuming he is responsible you have to demonstrate how things would have been different outside of his decisions, and I don't think you can do so.
    When it comes to seniors, they are the forgotten. My mom and her friends are scrambling to make ends meet. Granted. She's 85 years old. But she's done everything right in her life. Saved her money. Lived frugally. Paid off her home in twenty years. **Gasp** Gets a $390/month pension from her 31 years as a factory worker at Sunbeam Corporation and $1,200 in Social Security. The cash she managed to save used to keep her above water quite nicely when interest rates for CDs were 4%. Now? .875%. Suhweet! For the banks.

    If it weren't for Cook County's Senior Freeze on property taxes, she would be forced out of her home. As it is, I help with the extras, and I'm grateful I'm able to do so.

    President Obama has done absolutely not one itsy-bitsy THING for seniors. And they're in trouble. What would McCain have done? What will Romney do? I have no idea. I can only speak for "what is."
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Household Income Fell 4.8% During Recovery, Study Finds

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    Re: Household Income Fell 4.8% During Recovery, Study Finds

    Quote Originally Posted by MaggieD View Post
    When it comes to seniors, they are the forgotten. My mom and her friends are scrambling to make ends meet. Granted. She's 85 years old. But she's done everything right in her life. Saved her money. Lived frugally. Paid off her home in twenty years. **Gasp** Gets a $390/month pension from her 31 years as a factory worker at Sunbeam Corporation and $1,200 in Social Security. The cash she managed to save used to keep her above water quite nicely when interest rates for CDs were 4%. Now? .875%. Suhweet! For the banks.

    If it weren't for Cook County's Senior Freeze on property taxes, she would be forced out of her home. As it is, I help with the extras, and I'm grateful I'm able to do so.

    President Obama has done absolutely not one itsy-bitsy THING for seniors. And they're in trouble. What would McCain have done? What will Romney do? I have no idea. I can only speak for "what is."

    There are so many seniors in florida that make 1000 a month SS or less and cant even pay thier medicare deductibles and then buy medicine.
    This allusion that all seniors live like people in Miami on the water and The villages is just so much crap...there are vets that live on small disability payments and a small SS combined dont make enough to live decently...thank god for tricare and medicin or they would be done...homeless.

    Aside from that why would conservatives whine about seniors over 65 that were SUCCESSFUL and made money and kept enough of it to live well in their old age...Isnt that what the conservatives incessantly whine about being successful ?

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    Re: Household Income Fell 4.8% During Recovery, Study Finds

    Quote Originally Posted by CriticalThought View Post
    I'm sorry, but I don't really see how this is a case against Obama. Are you arguing that under McCain's policies that things would have been better?
    Yep

    McCain isn't a radical Marxist that despises Capitalism like the Cult Leader of Hope and Change is

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    Re: Household Income Fell 4.8% During Recovery, Study Finds

    there are vets that live on small disability payments and a small SS combined dont make enough to live decently...thank god for tricare
    tuesday: VA under investigation over $5M conferences | Fox News

    On the heels of the GSA spending scandal in Vegas, employees at the Department of Veterans Affairs are now under investigation over a pair of Orlando conferences that ran $5 million and featured a pricey video parody of the movie "Patton."

    The price tag on those conferences, held last summer, far exceeds the roughly $830,000 spent by the General Services Administration in Las Vegas. The VA inspector general's office says it's been investigating since April and is preparing to release a report by next month.
    $80,000 for pens, highlighters and hand sanitizer

    90K for brunch

    thus the need for tax hikes

    9-19-11: Obama plan calls for new Tricare fee hikes - Navy News | News from Afghanistan & Iraq - Navy Times

    President Obama’s $4.4 trillion deficit-reduction plan proposes additional increases in Tricare pharmacy co-pays for military beneficiaries and would begin charging an enrollment fee for older retirees using Tricare for Life health benefits. But the plan postpones any fundamental changes in military retired pay until yet another commission studies the issue.

    Unveiled Monday amid bitter partisan fighting over economic policy, Obama’s deficit reduction proposal calls for a modest but a symbolically significant $200 annual enrollment fee for retirees aged 65 and older to receive military health care benefits.
    first ever enrollment fee for tricare

    obama is depending on the uninformed to outvote the informed in november, an impossibility

    cuz if you've lost the burbs of chicago...
    Last edited by The Prof; 08-26-12 at 02:48 AM.

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