Biggest drop in income since 1959- Thanks Obama! (unemployment rate, gas prices, wage)
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American wages, ajusted for inflation, have not risen appreciably (if at all) over the past 30 years.
However, the management class continues to see exponential gains in income.
But yeah, it's "Obama" that's the problem.... him and every other "job creator" that doles out 1% or no raises per year while paying themselves and their friends multi-million dollar executive bonuses and working to destroy labor unions. They even sit on each other's boards so they can vote for high salaries and bonuses for each other, for all the great profits their making for themselves and shareholders!
Job creators will pay the bare minimum they can get away with. There is no longer a sense of duty to one's employees, who are expendable cogs.
That's the reality. Democrat, Republican, Obama, Clinton, Reagan, Bush... ROMNEY (King of slash and burn).... you've got your head in the sand if you think otherwise!
This has been in the works for a long time by both parties although admittedly it has accelerated during the last two administrations. One world order, NAFTA, Trade with China and now even more draconian programs like Cap and Trade, banking bailouts, illegal amnesty, and Obamacare and now new taxes. And the icing on the tombstone is that they want to ban our right to own guns.... give that up and there's no stopping them.
And thats why anybody demanding we ban guns( any of them) needs to be browbeaten until they either wise up or admit their true motives.
The question is why is Obama to blame for every economic downturn and excluded from any credit for any upturn?
It's the nature of the game.
If President Obama hadn't spent the last 6 years tellin everyone he can fix the economy then he wouldn't get blamed when he doesn't.
When the economy does turn around, whether it be today or 10 years form now, millions of Democrats will say it was because of him. And Republicans will say it's because of someone/something else.
3. adds an additional multi-trillion dollar entitlement like Obamacare
4. fails to develop energy resources on federal land
5. increases EPA regulations
..................... one can expect declines in personal income and wealth. It would be like watering plants with "clorox" and expecting them to grow!
The Obama apologists will NEVER blame Obama for anything. How was Reagan able to DRAMATICALLY turn the economy around in 3-4 years, while Obama has failed? The Obama cultists just cannot face the facts.
Wake up! The economy will remain terrible and wages will continue to erode under Obama, as his policies create an environment which is hostile to business and personal prosperity. This is what 'fundamentally changing" America means- more poverty and more economic misery.
I thought tax increases helped the economy? That's what Democrats have been telling us for years.
Are you saying Democrats are liars or just economically naive?
And to blame the decline on a tax increase you first have to prove the tax decrease helped the economy. There is no evidence that the payroll tax decrease helped the economy. None. Zero. Zip. Nada.
Other then being a standard rant about Obama this thread was based on drop in personnel income, not the overall economy.
From the article in the OP.
Disposable income, or the money left over after taxes, dropped 4 percent after adjusting for inflation, the biggest plunge since monthly records began in 1959. The drop also reflected the lapse of the payroll tax holiday. Excluding the effect of the tax and other special factors such as the timing of bonuses and dividends, disposable personal income would have increased 0.3 percent in January, the same as in December, the report said.
Its way too early to attempt to determine how much this restored tax will affect the overall economy.
There are many factors that go into determining whether a tax cut or increase will benefit or harm the economy.
In 2012 the net wealth of the richest 1% increased by 11% (according to FRED on Business Insider) for the rest of us only 1%. It is not Obama's problem that the 1% actually increased their investments in China , they are the ones that OWN the American economy and decide whether Americans or Chinese actually work or not, decide if they want to saturate the market with oil or gas and cut their earnings or concoct a bogus shortage, or decide a cancer patient should pay $93,000 up front just to get a Treatment Plan (Treatment Costs are extra I guess). Not his problem unless you think the government should control the economy rather than the 1%. Are you really a Communist?
There are fewer millionaires, because of Obama's policies, but the wealthy on the top rung are getting wealthier. The US is falling behind the rest of the world.
While the liberals are trying to punish the wealthy income earners in the US, all we are doing is becoming a poorer nation. The truly wealthy do not pay income taxes, give to charity, or hold a mortgage, and yet those are the areas Obama is raising taxes and the deductions he's eliminating. The wealthy collect investment dividends, the own their homes outright, and create non-profits to shield their wealth.
No wonder Facebook’s “co-founder Eduardo Saverin moved to Singapore.
He just wanted to be with people like himself.
According to Boston Consulting Group’s annual study of global wealth trends, Singapore is home to the greatest concentration of millionaire households in the world. More than 17% of households there have private wealth of $1 million or more.
Among the other findings from the study:
The number of U.S. millionaire households fell 129,000, or 2.5%, in 2011 to 5,134,000.
Of the 15 countries with the greatest concentrations of the wealthy, the U.S. share is now down to 46.7% from 48.3% in 2010.
The number of millionaires in China surged 15% in 2011.
And Europe’s share of the world’s millionaires was flat at 16.7%
3. adds an additional multi-trillion dollar entitlement like Obamacare
4. fails to develop energy resources on federal land
5. increases EPA regulations
..................... one can expect declines in personal income and wealth. It would be like watering plants with "clorox" and expecting them to grow!
The Obama apologists will NEVER blame Obama for anything. How was Reagan able to DRAMATICALLY turn the economy around in 3-4 years, while Obama has failed? The Obama cultists just cannot face the facts.
Wake up! The economy will remain terrible and wages will continue to erode under Obama, as his policies create an environment which is hostile to business and personal prosperity. This is what 'fundamentally changing" America means- more poverty and more economic misery.
You voted for it- you own it.
Well said. And while the GOP might be floundering at the moment, we know for a fact that Dem policies DO NOT WORK! In fact, they are worse than inneffective, they are destructive.
If President Obama hadn't spent the last 6 years tellin everyone he can fix the economy then he wouldn't get blamed when he doesn't.
When the economy does turn around, whether it be today or 10 years form now, millions of Democrats will say it was because of him. And Republicans will say it's because of someone/something else.
Typical statists. Want it both ways.
The economy turned around several years ago. Whether you want to credit Obama or not that is up to you. But the economy has been growing for several years.
So it must also be Obama's fault so many corporations have had record profits and been sitting on record amounts of ca$h too, eh? What are you whining about? You righties worship corporations while looking down on the average working guy.
If we listen to liberals then nothing would be his fault. Its always someone else... That weak argument is old
Nothing in that link mentions the payroll tax, which according to the article you posted is the cause of the recent drop in personal income.
Quote:
When one promotes policy which-
1. increases personal income tax
2. increases corporate taxes
3. adds an additional multi-trillion dollar entitlement like Obamacare
4. fails to develop energy resources on federal land
5. increases EPA regulations
..................... one can expect declines in personal income and wealth.
For the average, possibly, for the median, probably not.
Energy prices were running wild during the Bush administration, well before EPA regulations and energy-on-federal land was an issue. High energy prices are a result of the flood of private-sector debt finding its way into the commodity markets.
Quote:
It would be like watering plants with "clorox" and expecting them to grow!
Odd that you'd equate "increasing environmental regulations" to "watering plants with clorox"
i think you've got that backwards.
Quote:
The Obama apologists will NEVER blame Obama for anything.
I blame Obama for things he's responsible for. The state of the economy is not one of those things. The economy sucks because our financial system was deregulated by Republicans.
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How was Reagan able to DRAMATICALLY turn the economy around in 3-4 years
Private sector DEBT! Like I've been saying!
Do you not remember the savings and loan crisis ?
Republican presidents come in and allow the private sector to run wild, recklessly creating debt, recklessly inflating the monetary supply, increasing the risk in the economy, and ensuring that prices of housing and energy outpace wages.
Then they leave office and let the next guy deal with all the private-sector debt problems. Rinse, repeat.
They're all wh*res for the finance, insurance, and real estate industries.
Quote:
You voted for it- you own it.
Once again, running your mouth about things you have no way of knowing.
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