I’m not a economic wizard, but it seems to me that if a “recovery” is worse than the recession, then what it really is, is a depression. How are you enjoying the Obama Depression?
Household income is down sharply since the recession ended three years ago, according to a report released Thursday, providing another sign of the stubborn weakness of the economic recovery.
From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent, to $50,964, according to a report by Sentier Research, a firm headed by two former Census Bureau officials.
Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey. The recession, the most severe since the Great Depression, lasted from December 2007 to June 2009.
Overall, median income is 7.2 percent below its December 2007 level and 8.1 percent below where it stood in January 2000, when it was $55,470, according to the report.
The findings highlight the depth of the recession and the long road the nation has to traverse before it fully recovers. They also echo other reports detailing the financial carnage caused by the recession.
There is no Obama recovery. There never has been. There has been spin of a recovery—even in this very article, the reporters vainly try to explain how the recovery is worse than the recession—but an actual recovery has never come close to materializing.
We are mired in an economic depression, made significantly worse by the policies of Barack Obama and his allies, by wasteful government spending that doled out money to pet causes and political cronies, which has in turn created greater debt and made it more difficult for small businesses and large businesses alike to invest in growth.
No sane individual can conclude that a second term for President Obama will result in the situation improving. Throw the bum out.