US median income lowest since 1995 | TigerDroppings.com

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NC_Tigah
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US median income lowest since 1995


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Financial Times
US median income lowest since 1995
By James Politi in Washington

The median income of American households dropped to its lowest level since 1995 last year, extending its decline during President Barack Obama’s tenure and highlighting the depth of the damage to the middle class inflicted by the recession and weak recovery.

According to annual data from the Census Bureau, median income adjusted for inflation – a closely watched measure of the financial health of average Americans – fell to $50,054 in 2011, or 1.5 per cent below its 2010 level and 4.1 per cent below its score when Mr Obama took office in 2009. . . . .

The fresh data on income, poverty and health insurance coverage was delivered as the race for the White House enters its final stretch. With little less than eight weeks to go before voters head to the polls in early November and the sluggish economy at the top of the agenda in many swing states, both Mr Obama and Mr Romney have attempted to demonstrate that they would be best candidate to deliver relief to middle-class Americans.

Mr Obama is championing higher taxes on the wealthy in order to protect government spending on programmes that aid the middle class as the best recipe for the country. But the census data could dent a small burst of rising confidence in the economy that has showed up in polls by Gallup and Reuters/Ipsos since last week’s Democratic convention.

Gene Sperling, director of the National Economic Council at the White House, said the data reinforced the need to move forward with Mr Obama’s policies, some of which have been blocked by congressional Republicans. “While we have made progress digging our way out of the worst economic crisis since the Great Depression, too many families are still struggling and Congress must act on the policies President Obama has put forward to strengthen the middle class and those trying to get into it,” Mr Sperling wrote in a blog post.

Mr Romney, a former private equity executive, has promised to use his business expertise to create a better environment for hiring and investment that he claims would directly benefit middle-class Americans.

“Today’s report confirms that the American dream remains out of reach for too many Americans,” said Andrea Saul, a Romney campaign spokeswoman. “While this may be the best President Obama can do, it’s not the best America can do”.

The annual census data can often become a critical reference in US political campaigns. Mr Obama and Democrats in Congress effectively used the stagnation of median household income during the administration of George W. Bush to target Republican economic policies during the congressional election of 2006 and the presidential election of 2008.

Real median household income reached its peak at $54,932 in 1999, 8.9 per cent above its current level, under President Bill Clinton and has not been below $50,000 since 1995. Under President George W. Bush, it fell to $52,778 by 2004 before recovering to reach $54,489 in 2007 and then sliding again in 2008.

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constant cough
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Lafayette
Member since Jun 2007
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re: US median income lowest since 1995


Romney's Taxes!





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Radiojones
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re: US median income lowest since 1995


Bain!





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CptBengal
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BR Baby
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re: US median income lowest since 1995


Trickle up Poverty is here!

hooray for all! Foodstamps for the masses! Romney's wife owns a horse!






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Radiojones
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re: US median income lowest since 1995


Romney smiled!





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jclem11
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re: US median income lowest since 1995


Good times ahead.





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alajones
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re: US median income lowest since 1995


I agree with Laura Ingraham. If Republicans can't win this time, it's time to close the doors.





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Radiojones
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re: US median income lowest since 1995


I think if the Republicans don't win this time the doors will close themselves.





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constant cough
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Lafayette
Member since Jun 2007
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re: US median income lowest since 1995


quote:

I agree with Laura Ingraham. If Republicans can't win this time, it's time to close the doors.



Would be the only positive that might come from an Obama victory.






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NukemVol
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Atlanta
Member since Jan 2010
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re: US median income lowest since 1995


While Obama's policies are probably dangerous to future generations. They are probably a minor reason for this statistic. It has much more to do with the policies of the last 20 years, and in general the world economy and other developments. If Americans want to remain competitive, we need to focus more on ourselves, and our children's education.





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davesdawgs
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re: US median income lowest since 1995


The decline in income has nothing to do with corporate greed as suggested by the Obama supporters. It is like explained by several things:

1. Lack of jobs - We know a lot of folks have dropped out of the workforce due to unemployment yet after they exhaust unemployment benefits they drop out of the data. Many families that were thriving of 2 incomes are now scratching out a living on 1 income.

2. Lower paying jobs and part time jobs - Employers cite an uncertain business environment and are not expanding. Instead they are working more efficiently with fewer employees and hiring part-time employees with no benefits. The Obama administration has created this uncertain business environment with Obamacare and redistribution of wealth rhetoric aka higher taxes, etc.

3. Obama's delusional energy policy. Yes, we should be investing in R&D to develop new energy sources but failure to develop existing/proven energy sources and forcing low efficiency energy sources has further dragged down the economy.

Basically, a delusional liberal Socialist is exactly what we didn't need to foster a recovery from a major recession.






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joeytiger
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Denham Springs
Member since Jul 2012
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re: US median income lowest since 1995


"While Obama's policies are probably dangerous to future generations. They are probably a minor reason for this statistic. It has much more to do with the policies of the last 20 years, and in general the world economy and other developments. If Americans want to remain competitive, we need to focus more on ourselves, and our children's education."

How much more money do you want to throw at our education system? Public education only works if you can allow the best teachers to rise to the top and the bad teachers have to be fired. It won't work until the teachers are forced into accountability. Also, the home life for the inner-city kids must improve as well.








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NukemVol
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Atlanta
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re: US median income lowest since 1995


quote:

How much more money do you want to throw at our education system? Public education only works if you can allow the best teachers to rise to the top and the bad teachers have to be fired. It won't work until the teachers are forced into accountability. Also, the home life for the inner-city kids must improve as well.


Uhh...never did I insinuate it was a policy problem. It's a problem with the parents, the kids, and the culture. It's no surprise that a country full of people infatuated with reality TV and credit cards have voted in politicians who dish out BS and spend cash they don't have. Democracy in action.






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tigerworkpart2
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re: US median income lowest since 1995


I think it would be easier to just list the positives in this economy. With all of the negatives it's just too many to name.





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CITWTT
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re: US median income lowest since 1995


To qoute a presently banned Dummy, "Good things ahead".





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NHTIGER
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Central New Hampshire
Member since Nov 2003
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re: US median income lowest since 1995


quote:

We know a lot of folks have dropped out of the workforce due to unemployment yet after they exhaust unemployment benefits they drop out of the data.


There is zero correlation between the number of people on unemployment benefits and the unemployment rate. The polls conducted by the Census Bureau to determine U-3 don't even ask if anyone in the household is collecting unemployment. If it did, U-3 would jump by at least 0.5%, because respondents on unemployment would feel obligated to say they sought employment in the preceding 4 week period. Omitting the subject entirely tends to lower the official unemployment rate.






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