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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on April 12, 2010, 05:19:17 AM
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If This Is A Recovery, Why Does It Seem Like Things Keep Getting Worse?
www.businessinsider.com
Michael Snyder | Apr. 10, 2010, 10:19 AM | 3,917 | 88
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The talking heads on all the major news shows keep telling us that the U.S. economy is experiencing a recovery. Usually the term "recovery" is accompanied by a qualifier such as "jobless", but they continue to use the word recovery anyway. We are told that the greatest financial crisis since the Great Depression is behind us and that the great American economic machine is roaring back to life and everything will be back to normal soon. So why does it seem like things keep getting worse? Why does it seem like the American Dream is out of reach for more Americans than ever? Why does it seem like economic pain is spreading to more families and more businesses?
Well, maybe it is because things are getting worse.
Gallup's underemployment measure hit 20.0% on March 15th. This was up from 19.7% two weeks earlier and 19.5% at the start of the year. While the U.S. unemployment rate has leveled off (for now), the truth is that job seekers are increasingly finding that all they can get is part-time work. In the vast majority of cases, part-time work will not pay the mortgage or even really feed a family.
All of this economic pain is causing havoc in many American households. In fact, 1.2 million U.S. households have been lost during the recent recession as economic pain has forced many Americans to move in with relatives. It can be an extremely humbling thing to have to turn to relatives for help, but that is what an increasing number of Americans have been forced to do.
But now there are indications that things may soon get worse for the U.S. economy.
The Federal Reserve is pulling its emergency financial supports from the U.S. financial system, and this is leading some economic analysts to speculate that deflation could be on the horizon.
Already there are signs that the American economy is slowing down. The Federal Reserve said on Wednesday that consumer borrowing declined by $11.5 billion in February. But it just isn't consumer borrowing that is slowing down. The biggest banks in the U.S. cut their collective small business lending balance by 1 billion dollars in November 2009. That drop was the seventh monthly decline in a row.
As the U.S. economy slows down, the U.S. government is going to look to U.S. taxpayers to pick up the slack. According to Federal Reserve Chairman Ben Bernanke, the United States will soon have to make difficult choices between higher taxes and reduced social spending.
Higher taxes or reduced government spending?
Maybe both?
Either of those alternatives is not good for the U.S. economy.
And the burden of taxation is falling on an increasingly smaller pool of taxpayers. It turns out that about 47 percent of all Americans will pay no federal income taxes at all for 2009. The 47 percent who pay no taxes either earned too little or they had so many credits or deductions that they were able to avoid taxes altogether.
It must be nice for them.
Meanwhile, the faith of the American people in the financial system continues to wane as more evidence of corruption keeps coming out. In fact, there are new allegations that JPMorgan Chase has been involved in gold price fixing. Many have suspected for a long time that there was some really funny business going on with gold prices, but the latest bombshells that have been dropped by whistle blowers are absolutely mind blowing.
But it is about time that we learned more about what is going on at these major banks. After all, they know so much about us. For example, it has come out that the data mining operations of the major credit card companies are becoming so sophisticated that they can actually predict how likely you are to get a divorce.
Isn't that lovely?
Big Brother is watching.
And this is only just the beginning.
With the stated intent of combating illegal immigration, Senators Chuck Schumer and Lindsey Graham are creating new legislation that would institute a national identification card.
Will we all soon be forced to take a national identification card with us wherever we go?
Will we all soon be forced to show "our papers" whenever we are confronted by authorities?
Let's hope not.
But things are getting really crazy out there. So many of the things that we used to take for granted are quickly disappearing into thin air.
What in the world is happening to America?
Tags: Recession, Unemployment
Read more: http://www.businessinsider.com/is-there-really-a-recovery-2010-4#ixzz0kt63goAr
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this is not a recovery. And I hate to break it to you but the things that put this in place have been in action way longer than Obama has been in office. Not to say Obama hasn't played his part because he has. Just to say that there is a history leading to where we are.
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Hugo, I took a day trip to Lexington Concord yesterday where the "Shot Heard Around The World Was Fired".
It was really cool to go there and made me wonder just what the hell is going on in this country and if we will ever have the balls collectively to do what they did.
Taken from my Blackberry yesterday.
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yeah, if anyone thinks Romney or Palin or whoever is going to change things in 2012, they're nuts. President Palin will enthusiastically champion the amnesty cause, or as she called it in 2008, a "pathway to citizenship!"
Of course, just like we all had "Change fever" in 2008, we'll have it again in 2012. And yep, a leader like Palin will be a new face with new thetoric to make everyone feel good.
And she'll do all the same things Obama is doing. Accept it. If Mccain was running the place right now, he would have done most of the obama things as well. If he supported the Bailout to save the banks, do ya really doubt he would have supported the Stim bill?
Face it... whoever wins will just 'follow our marching orders' as mccain admitted in 2008.
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yeah, if anyone thinks Romney or Palin or whoever is going to change things in 2012, they're nuts. President Palin will enthusiastically champion the amnesty cause, or as she called it in 2008, a "pathway to citizenship!"
Of course, just like we all had "Change fever" in 2008, we'll have it again in 2012. And yep, a leader like Palin will be a new face with new thetoric to make everyone feel good.
And she'll do all the same things Obama is doing. Accept it. If Mccain was running the place right now, he would have done most of the obama things as well. If he supported the Bailout to save the banks, do ya really doubt he would have supported the Stim bill?
Face it... whoever wins will just 'follow our marching orders' as mccain admitted in 2008.
Ummmm,McCain voted against the stimulus bill.Think Palin or McCain would have supported the shit health care bill,the takeover of GM ,the dictating CEO pay,card check,Waxmans cap and trade,Sotomayor,letting the black panthers go,terrorist trials in new york, etc.etc etc.?Please,this disgrace that is the president is PURPOSELY trying to destroy the country.He will go down as THE WORST president in history.
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mccain voted against the stim bill because they didnt need his vote and he was scared of a 2010 challenger, which he now has.
As president, he would have supported it. Please stop with the "Obama is da debil, only a repub can save us!" because it's the same mentality that worked to get obama elected. by 2012, everyone will think palin's the saviour... then she'll make the same bigger moves that a dem would have.
Honestly, even a political drama queen like myself realizes this now.
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Hugo, I took a day trip to Lexington Concord yesterday where the "Shot Heard Around The World Was Fired".
It was really cool to go there and made me wonder just what the hell is going on in this country and if we will ever have the balls collectively to do what they did.
Taken from my Blackberry yesterday.
Awesome!!! and great pic!! Was it foggy like that or is that a filter? Either way great image.
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This is off topic and in some ways not. It's clear that so many of us have huge differences and at the same time we do have so many fundamental things we can unite behind. Why do we spend so much time fighting over the things we disagree on? Why not unite over the things we agree on and nitpick over the minor later--and never let the things we disagree on divide us on the major things we agree on? Does that not make perfect sense? By doing the opposite, do you not provide fuel to those with malicious intent? Why not deny those with malicious intent and unite on the major concepts of America. This divide and conquer game has been played long enough by the few. It's time for the many to gather.
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Awesome!!! and great pic!! Was it foggy like that or is that a filter? Either way great image.
From my blackberry phone. It was really an awesome site to visit. There is a tombstone next to that statute dedicted to the British soldiers who were killed. Check this out.
Also, they have a freedom trail in Boston itself and I went to the site of the Boston Massacre, the site of the first Tea Party, Bunker Hill, etc.
Really great time.
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From my blackberry phone. It was really an awesome site to visit. There is a tombstone next to that statute dedicted to the British soldiers who were killed. Check this out.
Also, they have a freedom trail in Boston itself and I went to the site of the Boston Massacre, the site of the first Tea Party, Bunker Hill, etc.
Really great time.
If I ever get out there, I would love to go visit some of these sites and buy you a few brews. I know we disagree on some shit but it's clear to me that you love America and that's good enough for me.
If you have more pics , please upload them. That's a great pic for a simple blackberry.
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yeah, if anyone thinks Romney or Palin or whoever is going to change things in 2012, they're nuts. President Palin will enthusiastically champion the amnesty cause, or as she called it in 2008, a "pathway to citizenship!"
Of course, just like we all had "Change fever" in 2008, we'll have it again in 2012. And yep, a leader like Palin will be a new face with new thetoric to make everyone feel good.
And she'll do all the same things Obama is doing. Accept it. If Mccain was running the place right now, he would have done most of the obama things as well. If he supported the Bailout to save the banks, do ya really doubt he would have supported the Stim bill?
Face it... whoever wins will just 'follow our marching orders' as mccain admitted in 2008.
240, there is no way in hell that McCAIN would have crafted a stimulus bill large as the crap bill that they passed last year. I can see them doing a true Keynsian Style stimulus bill that is way smaller, like the one that Bush did in 2008.
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Come on 333 - don't be coy
you already know the answer to your own question:
Yes straw. He is intentionally collapsing the system so that he can then rebuild it in a socialist communist mold.
There is simply no other explanation for his agenda.
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The second pic was not from my phone, but that is the gravestone next to the photo I uploaded.
There are a lot of small farms and farmers' walls in the area, but since I am a history fanatic, it was very strange finally standing in the very spot where all that occurred and realizing farmers and small town people started the nation taking on the British under such overwhelming odds.
Its about a 3 1/2 - 4 hour trip from NYC. Left crazy early and left around 7 pm. Got to see everything.
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so mccain would have given us a smaller stim bill? So you're saying he would have only went 70% socialist/communist/marxist to obama's 100?
mannnnn i've watched politics for 2 decades now, and more than ever, i'm convinced all these guys are going to do the same things, with different window dressing.
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True Straw. Very true. i should have realized that. ;D ;D
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True Straw. Very true. i should have realized that. ;D ;D
o
I don't see how you could have forgotten about it since you rant about it virtually non-stop
I've got some questions that you haven't answered.
1. Do you think people like Biden or Gates (left over from Bush) are in on the agenda or if Obama has them fooled too?
2. Do you think Obama will suspend elections (if so, when will this happen
3. At what point will Obama seize control of all prvate companies, land etc...?
I have a few more but we'll start with the easy ones first
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mccain voted against the stim bill because they didnt need his vote and he was scared of a 2010 challenger, which he now has.
As president, he would have supported it. Please stop with the "Obama is da debil, only a repub can save us!" because it's the same mentality that worked to get obama elected. by 2012, everyone will think palin's the saviour... then she'll make the same bigger moves that a dem would have.
Honestly, even a political drama queen like myself realizes this now.
Why do you keep bringing Palin up?Your the drama queen consumed by her.What is it.She is not going to run.In the meantime this failure of a president has lost 7 million jobs.I guess thats ok because he is black so we cant knock him for it or you and your fellow libs will say "your a racoist" or the ever present "Palin is worse".Your a goof ball.
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Palin is the frontrunner for GOP nominee in 2012. She is all over fox news 24/7. She's the most visible republican in the nation, BILLY.
AND SHE HAS ALREADY SAID THAT SHE'D BE INTERESTED IN RUNNING.
Aside from all these reasons, yes, she's irrelevant.
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I would much prefer bachman over palin JTBH.
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Palin is the frontrunner for GOP nominee in 2012. She is all over fox news 24/7. She's the most visible republican in the nation, BILLY.
AND SHE HAS ALREADY SAID THAT SHE'D BE INTERESTED IN RUNNING.
Aside from all these reasons, yes, she's irrelevant.
are you kidding
the GOP basically shunned her at the end of the last election cycle and cut off all her funding
Even they couldn't deal with her over the top rhetoric
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In another 8 months there will be a new republican majority in the house.
Then America can go back to what it does the best.
Almost no government involvement or oversight in your life.
The American system isn't set up nor can handle radical change.
In Canada in 1 election cycle you can go from a radical Liberal to Radical Conservative government.
Which can result in massive changes. This is true in Europe as well.
Because America uses first past the post and fixed election dates, people have far less loyalty to the party.
I can see certain rules of congress and senate being thrown out to slow it down even further.
Besides Pelosi and Reid run the show.
Just like Gingrich did under Clinton.
My 2 cents on American election problems is from financing. Take the corporate and foreign money out of the elections and the leaders will have to be far more receptive to the people. As it stands now a foreign government " Saudi Arabia" can out donate almost every person in the US combined.
But everyone applauded Obama and his shrewd move to break McCain Feingold. Instead of forcing to him to make it stronger.
Now the Supreme court seeing the unfairness of it had total eliminated it. Much to the detriment of American Democracy.
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Palin is the frontrunner for GOP nominee in 2012. She is all over fox news 24/7. She's the most visible republican in the nation, BILLY.
AND SHE HAS ALREADY SAID THAT SHE'D BE INTERESTED IN RUNNING.
Aside from all these reasons, yes, she's irrelevant.
Palin is not going to run.YOUR the one consumed by her.Once again,knock her if you want,but its Obama that lost 7 million jobs not her.Try to deflect it if you want,try to change the subject but its Obama that is destroying the private sector not her.By the way,happen to see how Obama motors did last quarter?Only lost 4 billion of our tax money.Yes sir,Obama is a freaking brilliant man.
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Palin is not going to run.YOUR the one consumed by her.Once again,knock her if you want,but its Obama that lost 7 million jobs not her.Try to deflect it if you want,try to change the subject but its Obama that is destroying the private sector not her.By the way,happen to see how Obama motors did last quarter?Only lost 4 billion of our tax money.Yes sir,Obama is a freaking brilliant man.
of course she's not going to run
it would make no sense for her to run
she's all about the money and doesn't really enjoy the job of governing
it takes way too much thinking and makes her head hurt
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She would be a fool to run. Why run for office when she could make millions, rally the troops, and not have to deal with the obama depression?
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Billy wrote: Palin is not going to run.
Palin said: In an interview recorded Saturday and broadcast on "FOX News Sunday," Palin said she would run "if I believed that that is the right thing to do for our country and for the Palin family."
"I think that it would be absurd to not consider what it is that I can potentially do to help our country," Palin said, later adding: "I won't close the door that perhaps could be open for me in the future."
Sorry Billy, I have to believe Palin on this one.
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240 - I really hope she does not run for President. Not because I dont like her, I do.
The problem is that we will have such a disaster to deal with as a result of MAObama's policies that we as a nation cant afford to be focused on the tabloid crap thatt he media will be obsessed with.
We need a serious guy like Ron Paul, Ryan, Pence, Thune, etc.
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Billy wrote: Palin is not going to run.
Palin said: In an interview recorded Saturday and broadcast on "FOX News Sunday," Palin said she would run "if I believed that that is the right thing to do for our country and for the Palin family."
"I think that it would be absurd to not consider what it is that I can potentially do to help our country," Palin said, later adding: "I won't close the door that perhaps could be open for me in the future."
Sorry Billy, I have to believe Palin on this one.
You must have a different method of reading then I.NOT ONCE did she say "Im running".She will continue to say things like that to stay in the news to continue to make millions..She wont run and if she does she wont win the primary.Once again,YOUR BOY=7 MILLION JOBS LOST.But keep trying to deflect the blame to Palin.When gas goes past 4 dollars a gallon Im sure you will say "if Palin was in there...".You can harp on Palin till your blue in the face but the fact is YOUR BOY is a failure.He has failed and will fail and now he is making us less safe in the world.
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She would be a fool to run. Why run for office when she could make millions, rally the troops, and not have to deal with the obama depression?
well she might want to run if she actually believed in her ideas and wanted to help the country
but we all know that ain't true
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well she might want to run if she actually believed in her ideas and wanted to help the country
but we all know that ain't true
I agree with her on most things as do most people. Her values and policy positions are those that most agree with.
The tiny segment of voter you represent, the LGBT vote, is 1% at best and not at all representative of the population.
Sorry to fill you in on this, but most people from what i gather dont want or desire a marxist takeover of the govt where the govt dictates every waking moment of your life from the size of the flush in your toilet, who your doctor is, how much energy you can use, etc.
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This is off topic and in some ways not. It's clear that so many of us have huge differences and at the same time we do have so many fundamental things we can unite behind. Why do we spend so much time fighting over the things we disagree on? Why not unite over the things we agree on and nitpick over the minor later--and never let the things we disagree on divide us on the major things we agree on? Does that not make perfect sense? By doing the opposite, do you not provide fuel to those with malicious intent? Why not deny those with malicious intent and unite on the major concepts of America. This divide and conquer game has been played long enough by the few. It's time for the many to gather.
Exactly. All these arguments about differences between Obama, Bush, Palin and Mcain is just a distraction. People have to face the fact that it is all smoke and mirrors and you only have one political choices in the USA with two flavors. When you think about it they have managed to create the perfect dictatorship in the USA where you can't really call them out on it because Presidents have a two-term limit and the ruling party alternates every so often.
The first thing everyone should do is stop defending any politician and unite on the bigger issues: corruption, theft, economical enslavement, big government, police state etc.
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"We need a serious guy like Ron Paul, Ryan, Pence, Thune, etc. "
Agreed 1000%.
Imagine a Thune/Paul ticket ;)
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And lets not forget that personal bankruptcies have absolutely skyrocketed as well.
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Tuesday, April 13, 2010
Income falls 3.2% during Obama's term
www.washingtontimes.com
Joseph Curl
Real personal income for Americans - excluding government payouts such as Social Security - has fallen by 3.2 percent since President Obama took office in January 2009, according to the Commerce Department's Bureau of Economic Analysis.
For comparison, real personal income during the first 15 months in office for President George W. Bush, who inherited a milder recession from his predecessor, dropped 0.4 percent. Income excluding government payouts increased 12.7 percent during Mr. Bush's eight years in office.
"This is hardly surprising," said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office. "Under President Obama, only federal spending is going up; jobs, business startups, and incomes are all down. It is proof that the government can't spend its way to prosperity."
According to the bureau's statistics, per capita income dropped during 2009 in 47 states, with only modest gains in the other states, West Virginia, Maine and Maryland. But most of those increases were attributed to rising income from the government, such as Medicare and unemployment benefits.
Two of the most populous states in the country reported dramatic declines: Per capita income in California dropped 3.5 percent to $42,325; in New York, the drop was 3.8 percent to $46,957.
"The evidence from New York and California reinforces a basic lesson: Where government gets too large, prosperity suffers. Let's hope that the Congress learns this lesson before it is too late for the country as a whole," said Mr. Holtz-Eakin, who also served as chief economic policy adviser to Sen. John McCain's 2008 presidential campaign.
On the campaign trail, Mr. Obama often derided Mr. Bush for what he said were dramatically falling incomes for workers.
"American families, since George Bush has been in office, have seen average family incomes go down $2,000," Mr. Obama said in a September 2008 speech on the economy in Green Bay, Wis.
The bureau, which doesn't compile statistics on "family" income, reported that per capita income rose during Mr. Bush's two terms, from $29,159 to $32,632 (using 2005 dollar values as a base). During Mr. Obama's 15 months in office, per capita income has dropped nearly 1 percent to $32,343.
Economists agree that Mr. Obama inherited a severe recession, although some dispute that it is the "worst since the Great Depression," as Mr. Obama often asserts. Still, the dropping numbers show that the $862 billion stimulus package has not turned the tide on dropping incomes.
"All in all I think the [bureau's] data are just another confirmation of what we all know - the recession has been just brutal, and while we may in the past couple of months have stopped the downward slide in jobs and incomes, we'll be digging out of a big hole for a long time," said Josh Bivens of the Economic Policy Institute.
Carol Moylan, chief of national income and wealth division at the Bureau of Economic Analysis, said comparing real personal incomes while excluding government payments is a good barometer. "A lot of people like that number," she said.
The White House did not respond to requests for comments on the numbers.
Personal income with government "transfers" - which include such federal money as Social Security, unemployment insurance, Medicare and food stamps - has grown during Mr. Obama's time in office, up 1.2 percent from January 2009 to February 2010. During that period, government unemployment insurance benefits rose from $88 billion to $143 billion.
Despite a near doubling in unemployment payouts, Mr. Obama in February announced a multitrillion-dollar spending plan that boosted the federal deficit to a record-breaking $1.56 trillion.
"While the market income of Americans has fallen since early 2008, government assistance has offset this somewhat through greater transfer spending such as unemployment benefits and new tax credits such as the 'making work pay credit,' albeit at the expense of higher deficits," said Gerald Prante, a senior economist at the Tax Foundation organization.
Mr. Obama, who just finished pushing a $1 trillion health care reform bill through Congress, is falling behind on his predictions. In a September speech, he said: "All in all, many middle-class families will see their incomes go up by about $3,000 because of the Recovery Act."
Other numbers show dramatic differences between the state of the economy in the opening months of Mr. Bush's first term versus that of Mr. Obama. While disposal income during Mr. Obama's term has risen $2.5 billion, extra cash for Americans rose $113 billion over Mr. Bush's first 15 months in office.
Meanwhile, the findings of a new survey of leading economists by the Associated Press found widespread pessimism over a quick recovery.
The finding included ominous news:
c The unemployment rate will stay high for the next two years and still be at 8.4 percent by the end of 2011.
c Home prices will remain almost flat for the next two years, even after dropping an average 32 percent nationwide since peaking in 2006.
c The economy will grow about 3 percent this year, less than usual during the early phase of a recovery, but few jobs will be added.
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I agree with her on most things as do most people. Her values and policy positions are those that most agree with.
The tiny segment of voter you represent, the LGBT vote, is 1% at best and not at all representative of the population.
Sorry to fill you in on this, but most people from what i gather dont want or desire a marxist takeover of the govt where the govt dictates every waking moment of your life from the size of the flush in your toilet, who your doctor is, how much energy you can use, etc.
I'm not a politician and don't represent anyone dipshit
If you want to talk about people like me you're talking about college educated, white, above average income, socially progressive/liberal, fiscally conservative
what segment of our population is like you? I'm guessing it would be the large group of borderline mental patients who haven't yet completely snapped and are ranting about communism/marxism and attend teabagger rallies
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Tuesday, April 13, 2010
Income falls 3.2% during Obama's term
www.washingtontimes.com
Joseph Curl
Real personal income for Americans - excluding government payouts such as Social Security - has fallen by 3.2 percent since President Obama took office in January 2009, according to the Commerce Department's Bureau of Economic Analysis.
For comparison, real personal income during the first 15 months in office for President George W. Bush, who inherited a milder recession from his predecessor, dropped 0.4 percent. Income excluding government payouts increased 12.7 percent during Mr. Bush's eight years in office.
"This is hardly surprising," said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office. "Under President Obama, only federal spending is going up; jobs, business startups, and incomes are all down. It is proof that the government can't spend its way to prosperity."
According to the bureau's statistics, per capita income dropped during 2009 in 47 states, with only modest gains in the other states, West Virginia, Maine and Maryland. But most of those increases were attributed to rising income from the government, such as Medicare and unemployment benefits.
Two of the most populous states in the country reported dramatic declines: Per capita income in California dropped 3.5 percent to $42,325; in New York, the drop was 3.8 percent to $46,957.
"The evidence from New York and California reinforces a basic lesson: Where government gets too large, prosperity suffers. Let's hope that the Congress learns this lesson before it is too late for the country as a whole," said Mr. Holtz-Eakin, who also served as chief economic policy adviser to Sen. John McCain's 2008 presidential campaign.
On the campaign trail, Mr. Obama often derided Mr. Bush for what he said were dramatically falling incomes for workers.
"American families, since George Bush has been in office, have seen average family incomes go down $2,000," Mr. Obama said in a September 2008 speech on the economy in Green Bay, Wis.
The bureau, which doesn't compile statistics on "family" income, reported that per capita income rose during Mr. Bush's two terms, from $29,159 to $32,632 (using 2005 dollar values as a base). During Mr. Obama's 15 months in office, per capita income has dropped nearly 1 percent to $32,343.
Economists agree that Mr. Obama inherited a severe recession, although some dispute that it is the "worst since the Great Depression," as Mr. Obama often asserts. Still, the dropping numbers show that the $862 billion stimulus package has not turned the tide on dropping incomes.
"All in all I think the [bureau's] data are just another confirmation of what we all know - the recession has been just brutal, and while we may in the past couple of months have stopped the downward slide in jobs and incomes, we'll be digging out of a big hole for a long time," said Josh Bivens of the Economic Policy Institute.
Carol Moylan, chief of national income and wealth division at the Bureau of Economic Analysis, said comparing real personal incomes while excluding government payments is a good barometer. "A lot of people like that number," she said.
The White House did not respond to requests for comments on the numbers.
Personal income with government "transfers" - which include such federal money as Social Security, unemployment insurance, Medicare and food stamps - has grown during Mr. Obama's time in office, up 1.2 percent from January 2009 to February 2010. During that period, government unemployment insurance benefits rose from $88 billion to $143 billion.
Despite a near doubling in unemployment payouts, Mr. Obama in February announced a multitrillion-dollar spending plan that boosted the federal deficit to a record-breaking $1.56 trillion.
"While the market income of Americans has fallen since early 2008, government assistance has offset this somewhat through greater transfer spending such as unemployment benefits and new tax credits such as the 'making work pay credit,' albeit at the expense of higher deficits," said Gerald Prante, a senior economist at the Tax Foundation organization.
Mr. Obama, who just finished pushing a $1 trillion health care reform bill through Congress, is falling behind on his predictions. In a September speech, he said: "All in all, many middle-class families will see their incomes go up by about $3,000 because of the Recovery Act."
Other numbers show dramatic differences between the state of the economy in the opening months of Mr. Bush's first term versus that of Mr. Obama. While disposal income during Mr. Obama's term has risen $2.5 billion, extra cash for Americans rose $113 billion over Mr. Bush's first 15 months in office.
Meanwhile, the findings of a new survey of leading economists by the Associated Press found widespread pessimism over a quick recovery.
The finding included ominous news:
c The unemployment rate will stay high for the next two years and still be at 8.4 percent by the end of 2011.
c Home prices will remain almost flat for the next two years, even after dropping an average 32 percent nationwide since peaking in 2006.
c The economy will grow about 3 percent this year, less than usual during the early phase of a recovery, but few jobs will be added.
Good article. The only way you could call this the worst recession since the Great Depression is that it is the longest since the Great Depression. But it seems to me that all other economic figures were worse in the late 70s/ early 80s. Some of them A LOT worse
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mccain voted against the stim bill because they didnt need his vote and he was scared of a 2010 challenger, which he now has.
As president, he would have supported it. Please stop with the "Obama is da debil, only a repub can save us!" because it's the same mentality that worked to get obama elected. by 2012, everyone will think palin's the saviour... then she'll make the same bigger moves that a dem would have.
Honestly, even a political drama queen like myself realizes this now.
Smart guy ;D