The Great Recession was declared over by NBER in 2009. But according to a new report from the liberal-leaning Pew Research Center, American families are worse off financially today than they were during the recession. From CBS/DC:
WASHINGTON (CBSDC) — A new report put out by the Pew Research Center finds that the median income is worse now than it was during the Great Recession.
According to Pew, the Census Bureau showed that the median income for American households in 2009 – the official end of the Great Recession – was $52,195 (in 2011 dollars), while the median income dipped to $50,054 last year, falling 4.1 percent over two years.
“The decrease in household income from 2009 to 2011 almost exactly equaled the decrease in income in the two years of the recession,” the Pew report stated. “During the Great Recession, the median U.S. household income (in 2011 dollars) dropped from $54,489 in 2007 to $52,195 in 2009, a loss of 4.2 percent. By this yardstick, the recovery from the Great Recession is bypassing the nation’s households.”
The Pew report added that the recovery is the “most negative for household income during any post-recession period in the past four decades…”
This report certainly isn’t good news for the Obama regime. American families have lower incomes and less wealth than they did three years ago at the end of the Great Recession. The trillions in new federal deficit spending and debt have had little if any effect on Americans’ financial well-being, while increasing prices for food and fuel, conveniently not included in administration inflation reporting, have only exacerbated the financial difficulties we’re facing. Additionally, while federal spending on entitlements continues to rise, fewer Americans working and lower family incomes means that income tax revenues collected will continue to decline. And that in turn means that like just about all of its previous economic and fiscal forecasts, the administration’s projections regarding future federal deficits at $1 trillion per year are hopelessly unrealistic.
In a nutshell, Obama’s stewardship of the American economy has been anything but a success. Its time to fire the Amateur.