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.
This means that even if we acknowledge that Obama inherited a lousy economy, that he’s actually made it worse since he came to office. He became President in January of ’09, but household incomes fell faster since the so-called “recovery” began than they were falling during the recession which preceded Obama taking office.
How bad has the Obama “recovery” been? The worst ever:
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.
Okay, so maybe you think that only the wealthy are suffering and that’s okay — a typical Obama voter. Or maybe you buy into conventional wisdom that the rich always get richer, and the poor poorer. Not so fast:
“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.”
As a college professor, I’m often surprised at how much support Obama continues to receive among this demographic. I’m often told by students that they go to college with the goal of getting a higher paying job at the end. Alas, times are not so-good for those with university degrees:
By education, Americans with some college lost the most, with incomes falling 9.3 percent, followed by an 8.6 percent slump for those with associate degrees, the report said. Those without high school degrees lost the least, falling 5.3 percent.
So, Obama has increased the national debt more than any four of his predecessors combined, and what do we have to show for it? Nada.