Under Obama, Poor, Middle Class Incomes Fall Sharply, Rich Get Richer - Investors.comSince 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%.
highly unusual "recovery," alright
ap, aug 15:
Economic recovery is weakest since World War II - APAmerica'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.
bottom up economy, anyone?