Income falls 3.2% during Obama's term thus far

[GMScud]

...and the White House has no comment.

Income falls 3.2% during Obama's term - Washington Times

(On a side note, he's bowing his head to communists now)

[tryfuhl]

That was to be expected well before, no matter who took office.

[Schneed10]

To be fair when interpreting this, it's important to note that the biggest driver of per-capita income is the number of paying jobs there are out there. As companies have been laying people off, obviously that takes a toll on income earned.

So this is not to say that pay is going down 3.2% among those who have jobs. This is to say income is staying flat for those who have jobs, but because we've shed so many jobs, the overall per-capita income has taken a hit.

One could then pick at the jobs issue and take aim at Obama's policies on jobs. But the reality is the economy was going in the crapper regardless of his policies.

The federal government, simply put, has very little control over the course of the nation's economy. Even the Federal Reserve has limited impact.

[GMScud]

Originally Posted by tryfuhl

That was to be expected well before, no matter who took office.

I don't deny that it's going to take some time before we can accurately judge the affects of the Obama administration's drastic fiscal measures, but they sure aren't moving in the right direction as of yet.

[GMScud]

Originally Posted by Schneed10

To be fair when interpreting this, it's important to note that the biggest driver of per-capita income is the number of paying jobs there are out there. As companies have been laying people off, obviously that takes a toll on income earned.

So this is not to say that pay is going down 3.2% among those who have jobs. This is to say income is staying flat for those who have jobs, but because we've shed so many jobs, the overall per-capita income has taken a hit.

One could then pick at the jobs issue and take aim at Obama's policies on jobs. But the reality is the economy was going in the crapper regardless of his policies.

The federal government, simply put, has very little control over the course of the nation's economy. Even the Federal Reserve has limited impact.

Correct. I'm no economist. Far from it. However government payouts are way up (SS, unemployment benefits, medicare, foodstamps, etc), and despite a $900B stimulus plan, numbers continue to move further into the red. No bueno.

You can easily say Obama inherited this issue. You can also easily say at this point his measures to correct said issue have been ineffective thus far, and have pushed our debt/deficit to record levels.

All in all government is total shit show right now, on both sides of the aisle.

[Schneed10]

Originally Posted by GMScud

I don't deny that it's going to take some time before we can accurately judge the affects of the Obama administrations drastic fiscal measures, but they sure aren't moving in the right direction as of yet.

Just wait until he unfairly has to take the heat for the double-dip recession that's coming in the next 12-18 months thanks to a second wave of bad mortgages and lending practices.

That will be the thing that forces him out of office, when the country (and the GOP) blames his policies for a double dip recession (assuming the GOP doesn't nominate Palin, Obama could defeat Palin in a 1934 economy).

[Schneed10]

Originally Posted by GMScud

You can easily say Obama inherited this issue. You can also easily say at this point his measures to correct said issue have been ineffective thus far, and have pushed our debt/deficit to record levels.

All in all government is total shit show right now, on both sides of the aisle.

I would say that he inherited the problem 100% (can't blame him), that he has indeed pushed our deficit to record levels (can blame him), but the jury is still way out on his policies.

Judging his policies now would be akin to judging a rookie QB on his preseason performance, before he ever makes his regular season debut. You just need to give it enough time to pass meaningful judgment.

But as for our government's shit show, I'm right there with you on that. The whole thing stinks.

[hooskins]

firstdown just got some movement.

[tryfuhl]

Originally Posted by GMScud

I don't deny that it's going to take some time before we can accurately judge the affects of the Obama administration's drastic fiscal measures, but they sure aren't moving in the right direction as of yet.

Hell we can't really even judge Reagan's policies. There's still great debate on that. Either way, it's been trending this way for awhile. Loss of jobs, etc doesn't change overnight, within a year, etc after so long of fiscal irresponsibility.

[saden1]

LOL...Viceroy Drudge strikes again. A near depression and people are worried about 3.2% drop in income? Unfuckingbelievable. You should be thanking your lucky stars the stimulus passed and it's only a 3.2% dip.

I suppose birds of a feather flock together...flap flap.

[budw38]

Originally Posted by Schneed10

Just wait until he unfairly has to take the heat for the double-dip recession that's coming in the next 12-18 months thanks to a second wave of bad mortgages and lending practices.

That will be the thing that forces him out of office, when the country (and the GOP) blames his policies for a double dip recession (assuming the GOP doesn't nominate Palin, Obama could defeat Palin in a 1934 economy).

It is not Obama's fault we have the problems that were in place when he got elected , but the Clinton Admin. policies < his cabinent members ran , Fannie/ Aig / Citigroup / GS. ect. caused < in part > the problems ... » Robert Rubin: The Nexus Of Big Government and Wall Street - Big Government. The Glass-steagall Act’s Loss is the Community Reinvestment Act’s Gain . Financial Crisis: The Blame Continues, with No End in Sight - FOXBusiness.com

[dmek25]

thank god for Fox. if they weren't around, who would we have to blame all ill will on the Dem's?

[dmek25]

you have to start somewhere

[Schneed10]

Originally Posted by dmek25

you have to start somewhere

That's nice, but the performance of the stock market has ZERO to do with the administration in place.

[Schneed10]

Originally Posted by budw38

It is not Obama's fault we have the problems that were in place when he got elected , but the Clinton Admin. policies < his cabinent members ran , Fannie/ Aig / Citigroup / GS. ect. caused < in part > the problems ... » Robert Rubin: The Nexus Of Big Government and Wall Street - Big Government. The Glass-steagall Act’s Loss is the Community Reinvestment Act’s Gain . Financial Crisis: The Blame Continues, with No End in Sight - FOXBusiness.com

Agreed, we had years and years of various factors leading up to this.

I blame the lack of savings and growing consumerism amongst the general populace, more than anything. In the 90s and 00s, Americans just decided they didn't need to save money anymore.