Are we really surprised? Really?
Posted 08/22/2013 06:39 PM ET
Household incomes are still down 4.4% since the recession ended four years ago. Meanwhile, the unemployment picture may be even worse than we think. The Obama "recovery" continues to impress.
According to a report released this week by Sentier Research, the inflation-adjusted median household income remains $2,380 below where it stood when the Obama "recovery" officially started in June 2009 — a drop of 4.4%.
The picture gets even grimmer the deeper you dive into the data. The most vulnerable groups — blacks, Hispanics, female-headed families and the young — have fared far worse under Obama than everyone else.
Black households' median income has plunged 11% since the "recovery" started. Hispanic households are off 4.5%. For single moms, median household income dropped 7.5%. For those households with three or more children, it fell even more — 9.2%.
When Sentier broke its data down, every age group lost ground — except senior citizens. Those aged 65 to 74 saw median income climb 5.1% from June 2009 to June 2013. Those 75 and older enjoyed a 2.1% gain.
Also this week, we learned that Gallup's unemployment measure jumped to 8.6% versus 7.7% four weeks ago. The share of underemployed climbed to 17.7%. And the payroll-to-population ratio dropped to an unsustainable 43.8%, from 63.5% in January 2010.
We keep hearing economists say the economy is "firming up" and it's poised for growth soon. What we see instead is an economy that, thanks to this administration's misguided policies, has fallen and can't get up.
THE MONEY LINE:
Creating an economy where only retirees collecting government checks are getting ahead is not exactly a recipe for increasing prosperity.