Obumanomics: Lower incomes, more poverty, more inequality, more dependence, blacks doing worse

September 13, 2012 06:38

The latest Census Bureau report shows that these are precisely the results Obama has delivered since taking office. – IBD



From IBD Editorials


… median annual household income dropped by more than $2,000 in real terms since 2009, a 4.1% decline. Blacks fared even worse, watching their incomes fall 5.7% between 2009 and 2011.

And despite more than three full years of economic recovery, nearly 2.7 million more people are languishing in poverty than in 2009. The current 15% poverty rate is well above where it stood in Obama’s first year in office — 14.3%.

Here, too, blacks have fared worse, with the black poverty rate now at 27.6%, up from 25.8% in 2009.



Despite Obama’s repeated promises to grow the economy from the “bottom up,” his policies have managed to widen the gap between rich and poor.


Democrats have long complained — falsely — that GOP policies made the rich richer and poor poorer. But under Obama, it’s actually happening.


Last year, families in the bottom 20% saw their average income drop almost 1%; incomes for those in the middle 20% fell 1.7%. But those in the top 20% saw their average income climb nearly 2%.


… food stamp enrollment is up 46% since Obama took office; disability enrollment is up 18%; direct federal payments to individuals is up 21% since Bush’s last year.


… all these dire results occurred during Obama’s “recovery,” when his policies were in full effect.


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