Obamanomics is Crushing America … Typical US Household Getting Poorer, Worth One-Third Less Than GWB
Thank you Barack Obama and Obamanomics, sarcasm intended …
President Barack Obama likes to play class warfare and talk about the income divide. However, under Barack Obama the income divide has got worse and American households are getting poorer. According to a recent study by the Russell Sage Foundation, the NY Times reports that the inflation-adjusted net worth for the typical household was $87,992 in 2003, but ten years later, it was only $56,335, or a 36% decline.
Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.
The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 94 percent of the population had less wealth and 4 percent had more.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households..
The Gateway Pundit reminds us of the following, “It should come as no surprise then that Republicans overwhelmingly represent the middle class districts by almost a two-to-one ratio.”
UPDATE I: Sadly the delusional LEFT holds Barack Obama accountable for nothing and it is all George W. Bush’s fault. But then again, what has changed. The Obama blame everybody else crowd but Obama arguments are old and tired. Six years into the Obama presidency and some how the median net worth in 2013 is W’s fault, not Obama’s. Some how the LEFT can justify it was Bush’s fault but not Obama’s as well. Real consistent folks. Rather than worrying whether others read an article you might might to pay more attention to using common logic.
The lame LEFT seem to discount the following, but of course this is all W’s fault as well:
- Obamanomics: People in Poverty Up 6,667,000 … Record 46,496,000 Now Poor … Median Income Down Nearly 5% to $2,627.
- Welfare Spending = $168 Per Day for Every Household in Poverty … $137 Median Income Per Day
- Obama’s Hope & Change Economy … The Nation’s Official Poverty Rate in 2009 was 14.3%.
- The Obama Economy Welcome to Obamaville: The Number of People on Poverty to Post Record Gain Under Obama’s Watch.
- The United States of Poverty: Thanks to Barack Obama & Obamanomics, US Poverty on Track to Rise to Highest Since 1960?s