Sunday, May 24, 2015

Household Income Decline

US median income has plunged, inequality has grown in Obama “recovery”, By Andre Damon, 6 September 2014
New Federal Reserve report
The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.
The report makes clear that the drop in a typical household’s income was not merely the result of what is referred to as the 2008 recession, which officially lasted only 18 months, through June 2009. Much of the decline in workers’ incomes occurred during the so-called “economic recovery” presided over by the Obama administration.
In the three years between 2010 and 2013, the annual income of a typical household actually fell by 5 percent.
Comments
This trend paints a bleak picture as multiple federal government actions act in concert to decimate the US consumer. Obamacare limits the work week to 29 hours. Bad trade agreements have resulted in off-shoring US jobs. Excessive immigration policies are directly responsible for systemic unemployment. Excessive federal spending on UN Agenda 21 implementation via grants to states adds $1 trillion a year to the national debt.
The rats are leaving the sinking ship. I think DC wants to switch from an income tax to a national sales tax, because they have no confidence that our incomes will ever stop going down.
Norb Leahy, Dunwoody GA Tea Party Leader
 

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