We're 3.2% Poorer Under Obama


To any and all Obamabots out there in the wasteland: “How’s the Hope and Changey thing working out for ya?”
On the campaign trail, Obama often derided Bush for what he said were dramatically falling incomes for workers. “American families, since George Bush has been in office, have seen average family incomes go down $2,000,” Obama said in a September 2008 speech on the economy in Green Bay, Wis.
So it is the height of irony (as well as of tragedy) that, as Joseph Curl of the Washington Times reports, Americans’ real personal income actually has fallen by 3.2% since the Punk took office in January 2009, according to the Commerce Department’s Bureau of Economic Analysis (BoEA). Real personal income excludes government payouts such as Social Security.  In contrast, real personal income increased 12.7% during President George W. Bush’s 8 years in office.
Economist and former CBO director Douglas Holtz-Eakin explained that under Obama, only federal spending is going up; whereas jobs, business startups, and incomes are all down. “It is proof that the government can’t spend its way to prosperity.”
Per capita income dropped during 2009 in 47 states, with only modest gains in the remaining states of West Virginia, Maine and Maryland. But even in those 3 states, increases in per capita income were attributed to rising income from the government, such as Medicare and unemployment benefits.
Two of America’s most populous states reported especially dramatic declines: Per capita income in California dropped 3.5% to $42,325, and in New York, the drop was 3.8% to $46,957. To Holtz-Eakin, this speaks to the fact that when and where “government gets too large, prosperity suffers.”
~Eowyn

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One response to “We're 3.2% Poorer Under Obama

  1. Many of us are closer to 70% poorer under this regime.
    And one of them is me.
    -Dave

     

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