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Thread: Under Obama, Poor, Middle Class Incomes Fall Sharply

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    Under Obama, Poor, Middle Class Incomes Fall Sharply

    Since 2009, the middle 20% of American households saw their average incomes drop 4%. In 2011 alone, they fell 1.7%. The poorest 20% have fared even worse under Obama, Census data show. Their incomes have dropped more than 7% since 2009, and are now lower than they've been at any time since 1985, after adjusting for inflation.

    Meanwhile, the wealthiest have managed to eke out gains in two of the past three years. In 2011, the top 20% saw their average income climb almost 2%, the Census data show.

    These results are highly unusual in an economic recovery, which typically produces income gains across the board. During the eight-year Reagan boom, for example, incomes at the bottom climbed 14%, while those in the middle climbed 13%, and those at the top 22%.
    Under Obama, Poor, Middle Class Incomes Fall Sharply, Rich Get Richer - Investors.com

    highly unusual "recovery," alright

    ap, aug 15:

    America's gross domestic product — the broadest measure of economic output — grew 6.8 percent from the April-June quarter of 2009 through the same quarter this year, the slowest in the first three years of a postwar recovery. GDP grew an average of 15.5 percent in the first three years of the eight other comebacks analyzed.

    Consumer spending has grown just 6.5 percent since the recession ended, feeblest in a postwar recovery. In the first three years of previous recoveries, spending rose an average of nearly 14 percent.

    The economy shed a staggering 8.8 million jobs during and shortly after the recession. Since employment hit bottom, the economy has created just over 4 million jobs. So the new hiring has replaced 46 percent of the lost jobs, by far the worst performance since World War II. In the previous eight recoveries, the economy had regained more than 350 percent of the jobs lost, on average.

    Adjusted for inflation, wages have fallen 0.8 percent. In the previous five recoveries —the records go back only to 1964 — real wages had gone up an average 1.5 percent at this point.
    Economic recovery is weakest since World War II - AP

    bottom up economy, anyone?

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    Yes we have not recovered from the recession, and yes the recession started right before Obama took office so there's all kinds of things you can say happened during his Presidency and pretend they are his fault, and finally yes its still as much bullcrap as its always been.

    In other words...

    ZZZZZZZZZZzzzzzzzzzzzzzz

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    If the rich are getting richer then what does that say about the trickle down theory?

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    Four years and they're still blaming Bush. Pathetic.

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    The current crisis can really be traced back to the creation of the Federal Reserve and the fractional banking system. It's been a long time coming, and nothing can stop it. We can either institute policies that hasten the inevitable, like Romney wants, or delay it and make things worse later, like Obama wants.

    Personally, I prefer Obama for president because, all else being equal, he will appoint liberal justices and judges, and that is what we need in the upcoming decades as things like human cloning become supreme court issues. Medicine cannot afford a conservative court for the next generation.

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    Quote Originally Posted by Taylor View Post
    Four years and they're still blaming Bush. Pathetic.
    Bush was no peach. He has the unique and unenviable distinction of being the president that destroyed rule of law in this country. The economy was on a downward slope long before Bush, but thanks to Bush, we are much closer to being a police state than ever before. And once a government starts taking steps towards a police state, it doesn't take steps back.

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    Quote Originally Posted by Taylor View Post
    Four years and they're still blaming Bush. Pathetic.
    We are talking about a recession that started in 2008 right? The largest one since the Great Depression, that one right? You know I get it that Presidents have to take responsibility for the decisions they make and the consequences during their Presidency, but there's no denying the fact that this thing started during the Bush Presidency.

    By the way I'm not blaming Bush at all, its a global recession it cannot be laid at the feet of ONE man.

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply


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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    Quote Originally Posted by Wiseone View Post
    We are talking about a recession that started in 2008 right? The largest one since the Great Depression, that one right? You know I get it that Presidents have to take responsibility for the decisions they make and the consequences during their Presidency, but there's no denying the fact that this thing started during the Bush Presidency.

    By the way I'm not blaming Bush at all, its a global recession it cannot be laid at the feet of ONE man.
    Nobody is blaming Obama for the recession. He ran for President claiming that he was the guy to turn things around, not "there's really nothing I can do about the recovery for the next four years because of Bush."

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    Re: Under Obama, Poor, Middle Class Incomes Fall Sharply

    Quote Originally Posted by Taylor View Post
    Nobody is blaming Obama for the recession. He ran for President claiming that he was the guy to turn things around, not "there's really nothing I can do about the recovery for the next four years because of Bush."
    Well the OP is, but its true that candidates often over promise.

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