Saturday, August 24, 2013

Remind me again about that great Obama economy recovery?

Economists measure the health of an economy in many different ways.  One important criteria is the current status of household income -- if households have more money over time then, all things equal, the economy is doing well.  Of course the reverse is true also.  So, using this metric, how has the typical American household done since the Obama "recovery" started in June of 2009? Since it's labeled "recovery", you'd think household incomes must be recovering and are better now than in June of 2009, right? Wrong. Of course.  From an article a couple of days ago at Investor's Business Daily:
According to a report released this week by Sentier Research, the inflation-adjusted median household income remains $2,380 below where it stood when the Obama "recovery" officially started in June 2009 — a drop of 4.4%.

Sentier's monthly data, derived from the Census Bureau's Current Population Survey, show that incomes fell more in the year after the recovery started than it did during the recession itself. And household incomes have basically flat-lined ever since.
And is always the case when the government involves itself in the economy, it's the poor and most in need who suffer the greatest:
The picture gets even grimmer the deeper you dive into the data. The most vulnerable groups — blacks, Hispanics, female-headed families and the young — have fared far worse under Obama than everyone else.

Black households' median income has plunged 11% since the "recovery" started. Hispanic households are off 4.5%. For single moms, median household income dropped 7.5%. For those households with three or more children, it fell even more — 9.2%.
There's a lot more good (er, bad, really) economic info in the article....check it out!