• Welcome to OGBoards 10.0, keep in mind that we will be making LOTS of changes to smooth out the experience here and make it as close as possible functionally to the old software, but feel free to drop suggestions or requests in the Tech Support subforum!

Here's the verdict on that "terrible" Obama economy

wage-inequality3-16a.jpg


wealth-distribution10-15.jpg


According to the CBO (Congressional Budget Office) report Trends in Family Wealth:

"...families in the top 10 percent of the wealth distribution held 76 percent of all family wealth. ...the difference in wealth held by families at the 90th percentile and the wealth of those in the middle widened from $532,000 to $861,000 over the period (in 2013 dollars). The share of wealth held by families in the top 10 percent of the wealth distribution increased from 67 percent to 76 percent, whereas the share of wealth held by families in the bottom half of the distribution declined from 3 percent to 1 percent."
Click to expand...
This is from a September 19 article:
Sentier Research uses the more familiar Consumer Price Index (CPI) for the inflation adjustment. The Census Bureau uses the little-known CPI-U-RS (RS stands for “research series”) as the deflator for their annual data.

The choice of the inflation-adjustment deflator makes all the difference in these median household income calculations."

If CPI is used, the "real median household income" has not even regained its 2008 level.
Click to expand...
household-median-income9-16.png

If "real" inflation is running hotter than "official" inflation--which it is if we properly weight the big-ticket items such as rent, healthcare and college tuition--then "real household income" has declined sharply since 2008: the 5% "gain" is completely illusory.
Click to expand...
http://www.zerohedge.com/news/2016-09-19/fun-fake-statistics-5-increase-median-household-income-pure-illusion

Working class white men make less than they did in 1996
Working class white men saw their income drop 9% between 1996 and 2014, according to a new report from Sentier Research. This group, who Sentier defines as having only a high school diploma, earned only $36,787, on average, in 2014, down from $40,362 in 1996.
http://money.cnn.com/2016/10/05/news/economy/working-class-men-income/index.html
 
Obama should have tried to increase minimum wage or expand who can get overtime pay. Oh wait...
 
lulz, did RJ write that piece? Hey, let me take the worst quarter economically in several years and compare it to now because it makes me look smart and I can call conservatives names.
 
EatLeadCommie said:
lulz, did RJ write that piece? Hey, let me take the worst quarter economically in several years and compare it to now because it makes me look smart and I can call conservatives names.
Click to expand...

What name did he call conservatives?
 
Left Pretends Trump Inheriting Strong Obama Economy
Middle class voters, especially in “flyover country,” came to believe on November 8 that the Obama administration’s economic recovery was the worst since the Great Depression in the 1930s, according to Peter J. Ferrara of the Heartland Institute.

Ferrara suggests that despite $6 trillion in deficit spending during President Obama’s first term, median household income after inflation fell by more than $4,500, about the equivalent of losing one month’s pay per year. He adds that after another $4 trillion in deficit spending in Obama’s second term, after-inflation median household income did stabilize. But the average American family would have $17,000 more in annual income if 8 years of the Obama recovery had equaled the average recession recovery since World War II.

But the Obama administration continues to claim that pushing the unemployment rate down from 10 percent will be the centerpiece of the outgoing president’s legacy. Jason Furman, Chairman of Obama Administration’s Council of Economic Advisers, told CNBC on December 2, “I didn’t think I’d ever see the unemployment rate that low,” after the Labor Department reported that the November unemployment rate fell to 4.6 percent.

But more than half of that supposed decline during the Obama Administration was due to the equivalent of about 7.5 million Americans giving up looking for a job or dropping out of labor force. Furthermore, the current level of part-time employment, at 18.3 percent (about 27.8 million), is a higher percentage than at any time since the Great Depression.

One advantage for Democrats of having a lousy recovery for workers, is that the interest rates stayed so low that U.S. house prices just hit a new all-time-high.

But most of those gains went to the rich. The percentage of families that own a house dropped from 67.5 percent, when President Obama first took office in January 2009, to 62.9 percent in November. The last time the rate of home ownership was that low was 1966, when Lyndon Johnson was President.
Click to expand...
The Democratic Party “that Franklin D. Roosevelt crafted or that Lyndon B. Johnson had led” abandoned its core white working-class voters, which Trump proved are “single largest ethnic and social group in the country.”

Friedman observes: “Liberals are concerned with inequality. People in the lower-middle class are simply concerned with making enough money to live a decent life. They are two very different things.”

Friedman credits Trump for also understanding that “these people had lost the culture wars that had been waged for the past generation.” Their churches and parents raised and taught them “gut values.” The pride that comes to the lower- and middle-class from working hard and making a good living for their families was lost had been displaced. In order to be politically correct, the “values they were taught as children could no longer be expressed in public.”

Democrats and their media allies are working hard to build a legacy of the Obama administration’s accomplishments. But Friedman suggests the election demonstrated that the “middle-class group no longer had a place in the Democratic Party” that only has contempt for them.
Click to expand...
http://www.breitbart.com/california/2016/12/05/left-pretends-trump-inheriting-strong-economy/
 
Can't wait to see how Breitbart views the same economy next month !
 
PhDeac said:
Obama should have tried to increase minimum wage or expand who can get overtime pay. Oh wait...
Click to expand...

Increasing the minimum wage kills jobs. Any legitimate economist will tell you there is only one true minimum wage: zero.
 
The economy is in good shape. Trumpshills are going to be funny carrying his water the next four years.
 
simosfrostyone said:
Increasing the minimum wage kills jobs. Any legitimate economist will tell you there is only one true minimum wage: zero.
Click to expand...

Even if it does, it would get people with jobs off government assistance.
 
Thus cutting the welfare rolls dramatically.
 
DeacWatcher said:
Exactly what type of economical mess are you referring too?
Click to expand...

Didn't you read the Breitbart piece?!? Our economy hasn't grown as quickly as it did in the period directly after WWII so OBAMA FAILED.
 
I would be interested to see what metrics people look at to determine a healthy/growing economy.

What's the bar for Donald Trump during his Presidency?
When can we adequately judge him on his policies?
At what point is it not Obama's economy, but rather Trump's economy to judge?
 
You must log in or register to reply here.
Back
Top