Income falls 3.2% during Obama's term

[I AM NOT THAT GUY 5,715]

Real personal income for Americans - excluding government payouts such as Social Security - has fallen by 3.2 percent since President Obama took office in January 2009, according to the Commerce Department's Bureau of Economic Analysis.

For comparison, real personal income during the first 15 months in office for President George W. Bush, who inherited a milder recession from his predecessor, dropped 0.4 percent. Income excluding government payouts increased 12.7 percent during Mr. Bush's eight years in office.

"This is hardly surprising," said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office. "Under President Obama, only federal spending is going up; jobs, business startups, and incomes are all down. It is proof that the government can't spend its way to prosperity."

According to the bureau's statistics, per capita income dropped during 2009 in 47 states, with only modest gains in the other states, West Virginia, Maine and Maryland. But most of those increases were attributed to rising income from the government, such as Medicare and unemployment benefits.

Two of the most populous states in the country reported dramatic declines: Per capita income in California dropped 3.5 percent to $42,325; in New York, the drop was 3.8 percent to $46,957.

http://www.washingtontimes.com/news/2010/apr/13/personal-income-falls-32-during-obamas-15-months/

[one...two...tree 2,762]

The Washington Times was founded in 1982 by Unification Church leader Sun Myung Moon, who has said that he is the Messiah and the Second Coming of Christ and is fulfilling Jesus' unfinished mission.[/url]

[I AM NOT THAT GUY 5,715]

The Washington Times was founded in 1982 by Unification Church leader Sun Myung Moon, who has said that he is the Messiah and the Second Coming of Christ and is fulfilling Jesus' unfinished mission.[/url]

Was he right?

[alienlovechild 75]

According to the bureau's statistics, per capita income dropped during 2009 in 47 states, with only modest gains in the other states, West Virginia, Maine and Maryland. But most of those increases were attributed to rising income from the government, such as Medicare and unemployment benefits.

Personal income soars in West Virginia, Maryland and Maine under Obama's leadership. If you don't live in those states, yeah, it bites.

Edited April 14, 2010 by alienlovechild

[JohnSmith2007 353]

Was he right?

Since it came from the Wash times its all lies!!!!! Everyone got huge raises since Obama became President!!

[TBoneTX 45,329]

Real personal income for Americans - excluding government payouts such as Social Security - has fallen by 3.2 percent since President Obama took office in January 2009

Sadly, we've seen only the iceberg's tip.

[scandal 951]

When people lose their jobs, their incomes will fall.

When they're forced to work part time hours, their incomes will fall.

When they take involuntary pay cuts or furloughs , their incomes will fall.

The OP has a pretty obvious political spin, but the economic statistics are not very surprising to anyone who's been reading the Business section of their newspaper.

[Martyshk 137]

I know I'll get a lot of sh!t here, but I think I'm slowly backing away from both parties at this point.... Gonna re-register as independent for next elections...

[one...two...tree 2,762]

When people lose their jobs, their incomes will fall.

When they're forced to work part time hours, their incomes will fall.

When they take involuntary pay cuts or furloughs , their incomes will fall.

The OP has a pretty obvious political spin, but the economic statistics are not very surprising to anyone who's been reading the Business section of their newspaper.

[Kevin and 10]

I know I'll get a lot of sh!t here, but I think I'm slowly backing away from both parties at this point.... Gonna re-register as independent for next elections...

Run away fast.

[alienlovechild 75]

When people lose their jobs, their incomes will fall.

When they're forced to work part time hours, their incomes will fall.

When they take involuntary pay cuts or furloughs , their incomes will fall.

The OP has a pretty obvious political spin, but the economic statistics are not very surprising to anyone who's been reading the Business section of their newspaper.

Luckily, Obama has nothing to do with the performance of economy. You really think you'd say the same thing if personal income was rising in 47 states?

[Trumplestiltskin 5,791]

It's like people feel that it is surprising that this has happened in a deep recession.

Does anyone actually pay attention to things or are they just sitting back, ready to gobble down the next badly written op-ex piece in between pickng the wax out of their ears?

Loonies.

[Nagishkaw 510]

You can't tax your way to prosperity.

[alienlovechild 75]

Does anyone actually pay attention to things or are they just sitting back, ready to gobble down the next badly written op-ex piece in between pickng the wax out of their ears?

Aren't you supposed to be a professional at spotting a well written or poorly written piece? Couldn't you enlighten the masses as to why you think it's badly written?

[scandal 951]

Luckily, Obama has nothing to do with the performance of economy. You really think you'd say the same thing if personal income was rising in 47 states?

I think it would depend on the timeframe. When a President has been in office for long enough that his policies can reasonably be expected to affect the business cycle, I'd say yes. Otherwise, no.

Business cycles have generally lasted from 5-15 years in the post war era. So a two term president in the last few years of his second term can in fairness be judged while still in office for what is currently occurring. Hence, I would say that Reagan was not at fault for the recession and job losses in 1982, but he was responsible for the growth (and the deficits!) that accumulated in the late 80s. Ditto for Clinton regarding the 1991-2 recession, and the late 90s growth (and budget surplus!). If Obama is in office during 2012-16, ask me my opinion regarding the economy circa 2014 and I'll tell you what I think then of the performance of his policies.