Turning The Page On President Obama’s Lost Decade

Truning The Page on President Trump's Lost Decade

SEN. MITCH McCONNELL (R-KY): “For many Americans … the last 10 years have been a lost decade where the economy stumbled and opportunities declined. They suffered through stagnant paychecks, a lack of steady work, and retirement that slipped further away by the day. Maybe you are one of the millions of American workers who feel this way. You deserve better. You deserve an economy that lives up to its potential once again: with more jobs, fairer taxes, and bigger paychecks.” (Sen. McConnell, Op-Ed, NBC’s Think, 10/10/2017)

·         MCCONNELL: “That’s why we are working so hard in Congress to pass tax reform. Tax reform is our once-in-a-generation opportunity to replace an outdated tax system that holds our country back with one that actually works for you. It’s the single most important thing we can do today to get the economy moving again.” (Sen. McConnell, Op-Ed, NBC’s Think, 10/10/2017)

The Disastrous Obama Legacy ‘The Middle Class Is No Longer The Majority In America’
“The middle class is no longer the majority in America.” (“America’s Middle Class Is No Longer the Majority,” The Wall Street Journal, 12/09/2015)

·         “The nation's middle class, long a pillar of the U.S. economy and foundation of the American dream, has shrunk to the point where it no longer constitutes the majority of the adult population, according to a new major study.” (“Middle-Class Families, Pillar Of The American Dream, Are No Longer In The Majority, Study Finds,” Los Angeles Times, 12/09/2015)

·         PEW: “After more than four decades of serving as the nation’s economic majority, the American middle class is now matched in number by those in the economic tiers above and below it. In early 2015, 120.8 million adults were in middle-income households, compared with 121.3 million in lower- and upper-income households combined, a demographic shift that could signal a tipping point, according to a new Pew Research Center analysis of government data.” (“The American Middle Class Is Losing Ground,” Pew Research Center, 12/9/15)

‘The Slowest U.S. Recovery Since WWII,’ ‘Markedly Weaker [Even] Than Previous Low Growth Periods’
CNN: ‘This Is The Slowest U.S. Recovery Since WWII’ “The U.S. economy has only grown 2% a year since it bottomed out in June 2009. That's far below the typical growth in rosy times of over 4% a year that the U.S. has experienced since World War II.” (“Yes, This Is The Slowest U.S. Recovery Since WWII,” CNN, 10/5/2016)

CRS: “…the current economic recovery is the slowest recovery seen in the post-WWII period era. Real GDP has grown at an average pace of 2.0% per year during the current recovery, compared with an average rate of 4.3% during the previous 10 expansions.” (“Economic Growth Slower Than Previous 10 Expansions,” Congressional Research Service, 7/13/2016)

·         CRS: “Between 2008 and 2015, economic growth has been, depending on the indicator, one-quarter to one-half the long-term average since World War II. Economic performance has been variable throughout the post-war period, but recent growth is markedly weaker than previous low growth periods, such as 1974 to 1995.” (“Slow Growth In The Current U.S. Economic Expansion,” Congressional Research Service, 6/24/16)

·         CRS: “The economy is now 34 quarters into the current business cycle, and real GDP is only about 10% above its previous peak, in comparison to the 1980 business cycle in which real GDP increased by more than 30% after 34 quarters.” (“Economic Growth Slower Than Previous 10 Expansions,” Congressional Research Service, 7/13/2016)

‘Growth Rate Of Real Worker Wages … Decidedly Slow … 0.6 Percent Per Year’
The Obama years: “the growth rate of real worker wages in the U.S. has been decidedly slow for several years. In the 8-year span between 2008 and 2016, median real household income in the U.S. rose by 0.6 percent per year while the average household saw real increases of 1.1 percent per year.” (“Corporate Tax Reform And Wages: Theory And Evidence,” The Council Of Economic Advisers, P.7)

         CENSUS BUREAU: Median household income was 59,039 in 2016 vs. $56,076 in 2008 (2016 dollars). (U.S. Census: Income, Table H-9

18 Million Americans Were Added To The Food Stamp Rolls 2007 To 2016
In 2016, 44,219,363 Americans were on food stamps. (“Supplemental Nutrition Assistance Program,” U.S. Dept. of Agriculture, 10/16/2017)

·         In 2007, 26,316,000 Americans were on food stamps. (“Supplemental Nutrition Assistance Program Participation And Costs,” U.S. Dept. Of Agriculture, 4/7/2017)

---

Tags: Turning The Page, President Obama’s Lost Decade, Sen. Mitch McConnell To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!