Since 2009 the media has been claiming that we are undergoing the greatest economic boom in the history of recoveries. Year after year, they laud the economic numbers despite their anemic nature. Since the great Obama Boom began incomes have declined 4.8%. This occurred during a recovery!
American incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression, according an analysis of U.S. Census Bureau data by Sentier Research LLC.
Median household income fell 4.8 percent on an inflation- adjusted basis since the recession ended in June 2009, more than the 2.6 percent drop during the 18-month contraction, the research firm’s Gordon Green and John Coder wrote in a report today. Household income is 7.2 percent below the December 2007 level, the former Census Bureau economic statisticians wrote.
“Almost every group is worse off than it was three years ago, and some groups had very large declines in income,” Green, who previously directed work on the Census Bureau’s income and poverty statistics program, said in a phone interview today. “We’re in an unprecedented period of economic stagnation.”
Incomes have declined more during the Obama Boom than the recession itself! Clearly the economy sucks and Obama has nothing to run on. This is the Obama Depression.
Tags: Incomes, Obama Depression', The Obama Boom
