The Chart from Hell

On August 7, 2009 Barack Obama thumped his chest in the Rose Garden and proclaimed "We've rescued our economy from catastrophe."  Supposedly, the economic recovery had officially begun two months earlier.  

That was 1328 days ago.  But, try telling that to somebody that has to work for a living.  Median Household Income continues to fall.



While the President pretends that the end to life as we know it is near because of the incy wincy sequester cuts, families have been forced to live on less for years – and, it's still getting worse.

As reported by the New York Times:

"For the first time in over a year, median annual income fell by a statistically significant amount from the previous month, according to a report from Sentier Research.

Median annual household income in February 2013 was $51,404, about 1.1 percent (or $590) lower than the January 2013 level of $51,994. The numbers are all pretax, and are adjusted for both inflation and seasonal changes.

… The longer-run trends are even more depressing.

February’s median annual household income was 5.6 percent lower than it was in June 2009, the month the recovery technically began; 7.3 percent lower than in December 2007, when the most recent recession officially started; and 8.4 percent lower than in January 2000, the earliest date that this statistical series became available."

Note that these numbers are "pretax."  In January, the Payroll Tax was increased by 2 percent by Obama's $600 billion fiscal cliff tax hike.  On average, that tax increase will suck another $700 per year out of the wallets of 160 million Americans.

Little wonder that 6-in-10 Americans believe the economy is still in recession.  And, the really big hit from ObamaCare is right around the corner.

And, what do we get from the White House?  Denial.  Last month, Joe Biden said Americans are "no longer worried" about the economy.

SOURCE


Posted by John J. Ray (M.A.; Ph.D.).