‘No President Has Done Worse By The Middle Class In Modern Times’

President Obama’s Economy:  ‘Fewer People… Moving Up The Pay Ladder’ ‘Economic Stagnation,’ ‘No Improvements In Wages’ 

Editorial Cartoon by Jeff Koterba (7/25/13)
The Obama Economy has Not Improved.

‘For Ordinary Americans, Especially The Poor, The Economic Recovery — Now Into Its Seventh Year — Has Yet To Deliver Measurable Benefits’

“‘The persistent high unemployment yielded no improvements in wages and no improvement in the median incomes of working-age households or any reduction in poverty, said Lawrence Mishel, president of the Economic Policy Institute, a liberal research group influential with Democrats in Congress.” (“Health Care Gains, But Income Remains Stagnant, The White House Reports,” The New York Times, 9/17/15)

·         “The lack of any significant change in median household income, after adjustment for inflation, was somewhat surprising to experts, who had expected to see some modest growth in income because of improvements in the economy last year.” (“Health Care Gains, But Income Remains Stagnant, The White House Reports,” The New York Times, 9/17/15)

·         “Many households have still not regained the purchasing power they had before the recession that began in December 2007. Median household income was 6.5 percent lower in 2014 than in 2007, the bureau said. The number of households with income above the median is the same as the number below it.” (“Health Care Gains, But Income Remains Stagnant, The White House Reports,” The New York Times, 9/17/15)

“The Census report’s annual snapshot of American living standards offered the latest set of data—on incomes, poverty and inequality—showing how an often-underwhelming recovery has unfolded.” (“U.S. Incomes Edged Lower In 2014,” Wall Street Journal, 9/16/15)

·         “For ordinary Americans, especially the poor, the economic recovery — now into its seventh year — has yet to deliver measurable benefits.” (“Health Care Gains, But Income Remains Stagnant, The White House Reports,” The New York Times, 9/17/15)

·         “There was no statistically significant change in income for the typical American household in 2014, the Obama administration said on Wednesday.” (“Health Care Gains, But Income Remains Stagnant, The White House Reports,” The New York Times, 9/17/15)

“Median household income in the United States was $53,660 last year, the Census Bureau reported, and the poverty rate — 14.8 percent — also saw no improvement.” (“Health Care Gains, But Income Remains Stagnant, The White House Reports,” The New York Times, 9/17/15)

·         “About 46.7 million people were in poverty in 2014, the bureau said, the fourth consecutive year in which the number of people in poverty was not statistically different from the official estimate for the prior year.” (“Health Care Gains, But Income Remains Stagnant, The White House Reports,” The New York Times, 9/17/15)

·         “Incomes in the U.S. edged lower in 2014, the latest sign an economic expansion that began five years earlier has done little to improve living standards for a broad swath of the nation.” (“U.S. Incomes Edged Lower In 2014,” Wall Street Journal, 9/16/15)

“The report finds that 6.6%, or nearly 20.8 million people, earn less than half the official poverty rate.” (“U.S. Job Growth Not Making A Dent In Poverty,” Wall Street Journal, 9/16/15)

·         “And an even larger share of the population sits only a little bit above the official poverty level, according to the Census report. If the official poverty rate were raised by 50%, then 24.1% of people–or 76 million—would be under the threshold.” (“U.S. Job Growth Not Making A Dent In Poverty,” Wall Street Journal, 9/16/15)

U.S. Manufacturing ‘Sluggish’, ‘Weakest In Almost Two Years’, Housing Market ‘Losing Some Steam’

“The outlook for the global economy became a little bleaker on Wednesday as reports of slower growth in the United States and Europe followed data from China that showed a worsening manufacturing downturn.” (“Growth Slows In United States And Europe, Reports Show,” Reuters, 9/23/15)

·         “‘There is substantial concern at present that global demand weakness is dampening the economy in the industrial countries,’ said Jörg Krämer, chief economist at Commerzbank.” (“Growth Slows In United States And Europe, Reports Show,” Reuters, 9/23/15)

“Growth in the U.S. manufacturing sector showed no month-over-month change during September, staying at August's sluggish pace.” (“U.S. Factory Activity Stuck Near Two-Year Low In September,” Reuters, 9/23/15)

·         “‘The survey is indicating the weakest manufacturing growth for almost two years, meaning the sector will have acted as a drag on the economy in the third quarter,’ Mr. Williamson said.” (“Growth Slows In United States And Europe, Reports Show,” Reuters, 9/23/15)

·         “Orders for long-lasting factory goods fell sharply last month, the Commerce Department said Thursday, dragged down by sharp declines in aircraft and auto orders.” (“Applications For Jobless Benefits Tick Up Slightly,” Associated Press, 9/24/15)

“Job creation also slowed in September, with the index at 51.4, its weakest since July 2014, down from a final August reading of 52.4.” (“Growth Slows In United States And Europe, Reports Show,” Reuters, 9/23/15)

“Contracts to buy previously owned U.S. homes decreased in August, indicating the robust housing market could be losing some steam. The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, decreased 1.4 percent to 109.4.” (“U.S. Pending Home Sales Decline In August,” Reuters, 9/28/15)

U.S. Economy: ‘A Portrait Of Economic Stagnation’

WALL STREET JOURNAL: “The White House didn’t put out an official statement on the Census release, and perhaps commenting was too embarrassing politically. No President has done worse by the middle class in modern times.” (Editorial, “Incomes and Poverty, 2014,” Wall Street Journal, 9/16/15)

·         “The report is a portrait of economic stagnation.” (Editorial, “Incomes and Poverty, 2014,” Wall Street Journal, 9/16/15)

·         “These trends would be less worrisome were there more mobility over time, but the Census data suggest that fewer people are moving up the pay ladder compared to earlier periods. Some 57.1% of households were cemented in the same income quintile between 2009 and 2012.” (Editorial, “Incomes and Poverty, 2014,” Wall Street Journal, 9/16/15)

·         “The most notable finding of 2014 is that poverty increased among groups that are traditionally less vulnerable: married couples with children and people ages 25 and older with at least an undergraduate college degree. From 2009 to 2012, 34.5% of the population had a spell below the poverty line for two months or more.” (Editorial, “Incomes and Poverty, 2014,” Wall Street Journal, 9/16/15)

---

Tags: President Obama, no president, has done worse, middle class, modern times To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!