Political Forums  

Go Back   Defending The Truth Political Forum > Political Forum > Current Events

Current Events Current Events Forum - Latest political news and events


Reply
 
LinkBack Thread Tools Display Modes
Old September 26th, 2012, 11:21 AM   #1
Senior Member
 
Join Date: Jan 2012
Location: Fort Rucker, Alabama
Posts: 957
The stock market is up and the government is telling us we're in recovery. The rich are making their money back. The median household income is down 8.2% from when Obama took office so the poor are getting poorer. Thank you Obama.



Quote:

Median household incomes have fallen 8.2 percent since President Obama took office and continue to drop despite the official end of the recession, a new study shows.

Data compiled by Sentier Research found that since the economic recovery technically began in June 2009, median household income has dropped 5.7 percent. As of August, that median income was $50,678 -- also down 1.1 percent from the month prior.

And since Obama took office in January 2009, the median income has fallen 8.2 percent, from $55,198 to its present figure.

"The August decline in real median annual household income is indicative of a struggling economy," Sentier said in its report.

"Even though we are technically in an economic recovery, real median annual household income is having a difficult time maintaining its present level, much less 'recovering.'"

The figures continue to paint a dim portrait of the nation's post-recession economic rebound, and are sure to factor into the robust economic debate on the campaign trail.

At a rally in Westerville, Ohio, on Wednesday, Mitt Romney challenged protesters at the site, asking them if they really wanted "four more years" of trillion-dollar deficits and declining take-home pay.

Obama continues to hold onto a lead in several swing state polls, though. A poll Wednesday from Quinnipiac University/CBS News/New York Times showed Obama leading in Ohio by 10 points even as roughly half the voters surveyed listed the economy as their most important issue.

The nation's unemployment rate has dropped from its peak at more than 10 percent to 8.1 percent in August.

But the drop belies persistent problems in the economy. Many are leaving the workforce or settling for part-time work -- the latter of which helps explain why unemployment rates are going down while median income falls. Sentier noted in its study that changes in hourly earnings and hours worked affects the household income level.

According to the study, the average number of hours per week worked in August was 34.4 -- slightly below the 34.6 hour average in December 2007.

The income figures, which are based on Census data, follow a Census report showing the poverty rate in 2011 at 15 percent. The number of people in poverty last year was 46.2 million, up from 37.3 million in 2007 before the start of the recession. The poverty line for a family of four was defined by the Census in 2011 as a household salary of just over $23,000.

The household income level has not been declining every month. Sentier's report showed several monthly increases in late 2011, followed by another drop at the beginning of 2012.
Danjb25 is offline  
Old September 26th, 2012, 11:23 AM   #2
Eyes Wide Open
 
waitingtables's Avatar
 
Join Date: Jul 2007
Location: NJ
Posts: 44,991
This has been trending this way for the last three decades. And right now can be blamed on the republicans refusal to invest in our infrastructure and to focus on what needs to be done rather than spending all their time on rolling back the clock on women's health issues and reproductive freedoms.
waitingtables is offline  
Old September 26th, 2012, 11:32 AM   #3
Senior Member
 
Join Date: Jan 2012
Location: Fort Rucker, Alabama
Posts: 957
Quote:
Originally Posted by waitingtables View Post
This has been trending this way for the last three decades. And right now can be blamed on the republicans refusal to invest in our infrastructure and to focus on what needs to be done rather than spending all their time on rolling back the clock on women's health issues and reproductive freedoms.


Ahhh...DAMN those republicans for getting in your way! Well Obama can church this stats up a bit like unemployment calculations. Just lower the poverty line. Don't worry about the fact that our money is worth less now than in 2008 before the recession.



You are so right, if it weren't for THOSE damn dirty republicans worrying about your vagina the economy would be shooting through the roof. Your diversive tatics suck. Keep waiting tables, politics really isn't your thing.
Danjb25 is offline  
Old September 26th, 2012, 11:34 AM   #4
Banned
 
Truth Detector's Avatar
 
Join Date: Sep 2012
Location: Ventura CA
Posts: 7,515
Quote:
Originally Posted by Danjb25 View Post
The stock market is up and the government is telling us we're in recovery. The rich are making their money back. The median household income is down 8.2% from when Obama took office so the poor are getting poorer. Thank you Obama.



Quote:

Median household incomes have fallen 8.2 percent since President Obama took office and continue to drop despite the official end of the recession, a new study shows.

Data compiled by Sentier Research found that since the economic recovery technically began in June 2009, median household income has dropped 5.7 percent. As of August, that median income was $50,678 -- also down 1.1 percent from the month prior.

And since Obama took office in January 2009, the median income has fallen 8.2 percent, from $55,198 to its present figure.

"The August decline in real median annual household income is indicative of a struggling economy," Sentier said in its report.

"Even though we are technically in an economic recovery, real median annual household income is having a difficult time maintaining its present level, much less 'recovering.'"

The figures continue to paint a dim portrait of the nation's post-recession economic rebound, and are sure to factor into the robust economic debate on the campaign trail.

At a rally in Westerville, Ohio, on Wednesday, Mitt Romney challenged protesters at the site, asking them if they really wanted "four more years" of trillion-dollar deficits and declining take-home pay.

Obama continues to hold onto a lead in several swing state polls, though. A poll Wednesday from Quinnipiac University/CBS News/New York Times showed Obama leading in Ohio by 10 points even as roughly half the voters surveyed listed the economy as their most important issue.

The nation's unemployment rate has dropped from its peak at more than 10 percent to 8.1 percent in August.

But the drop belies persistent problems in the economy. Many are leaving the workforce or settling for part-time work -- the latter of which helps explain why unemployment rates are going down while median income falls. Sentier noted in its study that changes in hourly earnings and hours worked affects the household income level.

According to the study, the average number of hours per week worked in August was 34.4 -- slightly below the 34.6 hour average in December 2007.

The income figures, which are based on Census data, follow a Census report showing the poverty rate in 2011 at 15 percent. The number of people in poverty last year was 46.2 million, up from 37.3 million in 2007 before the start of the recession. The poverty line for a family of four was defined by the Census in 2011 as a household salary of just over $23,000.

The household income level has not been declining every month. Sentier's report showed several monthly increases in late 2011, followed by another drop at the beginning of 2012.


I am still not convinced there ever was a recovery.



By the way, how much do you think the rich lost in equity and wealth during the collapse in 2008?
Truth Detector is offline  
Old September 26th, 2012, 11:37 AM   #5
Eyes Wide Open
 
waitingtables's Avatar
 
Join Date: Jul 2007
Location: NJ
Posts: 44,991
The rich actually got richer during the crisis. Just stop it. You cannot hide from the reality of this. And yes, the republicans in Congress passed many bills dealing specifically with women's health and reproductive freedoms. While completely refusing to offer anything that the two parties could work on together or to create jobs.
waitingtables is offline  
Old September 26th, 2012, 11:44 AM   #6
Senior Member
 
Join Date: Jan 2012
Location: Fort Rucker, Alabama
Posts: 957
Quote:
Originally Posted by waitingtables View Post
The rich actually got richer during the crisis. Just stop it. You cannot hide from the reality of this. And yes, the republicans in Congress passed many bills dealing specifically with women's health and reproductive freedoms. While completely refusing to offer anything that the two parties could work on together or to create jobs.


Ummm...did you read the title of the thread? I am sick of watching the rich get richer as the poor continue to slide. Obama is touting the end of the recession even though we are no better than we were, AS A COUNTRY, then when the bailouts starting coming and started being abused.



I know what the republicans tried to do. They also tried to pass budgets, as well as the democrats. They BOTH refuse to work together. Put all the blame on the Reps if you want, you are not helping the issue at all saying, "I RIGHT!!! Stop arguing and just vote like me! I RIGHT I tell you I RIGHT!!"



Working together is a two way street hunni, don't know if you know that. If you're marriage and you think it isn't I'm sure it's a blissfull one.



The Republicans are WRONG! The Democrats are WRONG! Niether side will back down and thats what is WRONG! Your willfull ignorance is what makes everything you say not worth the bandwith used to post on the net.
Danjb25 is offline  
Old September 26th, 2012, 03:55 PM   #7
Senior Member
 
Jimmyb's Avatar
 
Join Date: Jun 2012
Location: Earth
Posts: 38,895
There is nothing more refreshing than a statement based on unadulterated fantasy, and of course the IRS hiding from the reality of it.



Yes the rich actually did get richer during this crisis, and while they were getting richer, in case anyone noticed, the Sun started setting in the East and rising in the West. It was hard to tell with all those dollars floating around the sky from the increased wealth if the rich. But I am scratching my head over this obvious conspiracy by the IRS to the contrary. According to these prevaricating windbags, since 2007, the number of millionaires has declined by 39%; and these cohorts of conspiracies also state that the income of the 99th percentile income bracket fell from $410,096 to $343,927, while the 99.9th percentile income fell from $2,155,365 to $1,432,890
Jimmyb is offline  
Old September 26th, 2012, 06:13 PM   #8
Eyes Wide Open
 
waitingtables's Avatar
 
Join Date: Jul 2007
Location: NJ
Posts: 44,991
http://www.counterpu...rising-poverty/

Quote:



The New Modes of Domination

Economic Policy and Rising Poverty



by ROB URIE



Around the mid-1970s a shift in economic reasoning took place that reflected the capture of the Western academy by post-industrial capital. This isn’t to argue that industry has, for better or worse, ceased to be, but rather that the theoretical reasoning guiding economic policies shifted from the material of industry to the ethereal of finance. This movement found its livelihood in two trends—the shift away from direct government intervention in the economy and toward ‘monetary policy’ and the shift in focus away from the material conditions by which people exist toward ‘expectations’ of future conditions.



Both of these trends landed with a thud last week when the Census Bureau released a report (link) detailing how, since the financial crisis of 2008 began, the rich have consistently gotten richer while the fortunes of the rest of us have declined. And associated with both of the above-mentioned trends, the Federal Reserve announced a new round of financial asset purchases (QE), with total purchases now expected to reach around four trillion dollars. The alleged purpose of this fresh round of monetary stimulus is to boost ‘expectations’ of monetary excess until the job market, a/k/a material conditions, improves. (For those who have been paying attention, this is a different rationale than was previously offered—more below).



A few aspects of the Census report are noteworthy and have as of yet gone unreported in the mainstream chatter. In the first, the hierarchy of the southern colonial political economy—connected rich white men using slave labor from kidnapped Africans and women deriving economic status from the ‘men folk’ has been largely retained. From the report, economically speaking, the rich have done quite well while African Americans have done poorly and women less well than men—not an exact replica of the colonial experience, but the historical memory embedded in these outcomes requires an explanation from theorists of the ethereal. Second, the all-out effort by the political establishment since 2008 to boost the fortunes of the already ‘fortunate’ while leaving the rest of us to rot appears to be bearing fruit.



For those regular folk unsure of what to make of the effort underway in DC, behind the rationale of the Fed lies the Woodford ‘pricing kernel,’ a bit of ethereal voodoo that is to academic economics the rough equivalent of the power of positive thinking. And to help the rich think positively the Fed will, as mentioned above, ultimately conjure up around four trillion dollars of the people’s currency for their benefit. I take this detour to reinforce the point that we, the people, are really and absolutely on our own. (The ‘pricing kernel’ is Wall Street detritus, the DSGE models of academic economics, the same, and ‘expectations’ theory is one with Descartes’ ‘brain in a vat’ hypothesizing that finds adherents among people who have never been introduced to an interesting idea or needed one that mattered).



But ultimately the conditions outlined in the Census report do matter, as does the historical memory behind current economic relations. What is taking place broadly in the economy is the diminishment of economic circumstance in the order of a social hierarchy established several centuries ago. Writer Chris Hedges calls the move ‘neo-feudalism,’ which seems an apt description. And this isn’t just a matter of economic circumstance—the modes of domination and control being used for economic exploitation are growing in intensity to the point of suffocation for significant segments of the population. What is a matter of not very urgent debate in policy circles is a current and real emergency in the lives of a large and growing population.



The prison industrial system is the most straightforward example of this in that it derives its coercive power from residual institutional racism, economic use value for prisoners created through prison privatization, legitimization strategies such as ‘crime’ control to support the use of state power to incarcerate, and a policing system designed to police economically marginalized populations while leaving the ruling class to commit socially destructive acts with impunity. Private prisons no more fit their explanations as ‘capitalism’ than did slavery. They serve a market created exclusively for their self-justification. And the race / class divisions in play are direct descendants of slavery.



The poverty statistics from the Census data have been widely reported—46 million Americans living in poverty, the same approximate number that is on ‘food stamps’ (SNAP- Supplemental Nutrition Assistance Program). Median household income has fallen nine percent since 1999. Permanent and transitory unemployment play roles in declining incomes in that the permanently unemployed constitute a ‘reserve army’ that can be called back to work should wages begin to rise and the transitory unemployed are taking new jobs at a fraction of the wages of their previous jobs. And as of as much importance as the raw statistics is the trajectory—the economic conditions for most Americans are declining at rates last seen in the Great Depression, if from higher starting points.



As of yet, retained monopoly power on the part of the upper middle class (doctors, professionals with specialized skills) sustains a political bifurcation. The upper middle class suburbs surrounding major cities support the political status quo. But the strategies of domination and control being used against the lower classes are being built out to broaden inclusion. (The prison industry is expanding to incarcerate the white lower and middle class and the economy of ‘anti-terrorism’ must find ‘terrorists’ to justify its existence the same way that private prisons must find ‘criminals’ to justify its own).



With respect to the ongoing actions of the Federal Reserve, the Fed began buying financial assets in early 2009. The most conspicuous effect to date has been rising stock and bond prices. (This relationship is known fact on Wall Street. The only people so obtuse as to miss it are professional economists). Astute readers may notice that the most rapid appreciation in the relative fortunes of the ruling class has taken place when the Fed has been buying financial assets. And another way to say this is that the fortunes of most Americans have declined most rapidly while the Fed has been buying financial assets. With this last point I’m not suggesting a causal relation, but merely pointing out that claims that Fed policies benefit ‘the economy’ depend very much on where in the economy one resides.



The current mantra from the political establishment eager to promote the status quo is that one or the other party has the economic solutions and that those who are watching their fortunes rapidly decline must have patience. While this will likely satisfy the still existent upper middle class and the ruling class that is seeing most of the benefits from the status quo, further declines in the incomes, wealth and prospects of the long-term and newly poor are rapidly and inexorably increasing human misery. The prison industry is emblematic, but neo-slavery is also making a rapid return in agriculture and in ‘off-shored’ industry.



Something more to consider is that even reasonable sounding solutions to lost industry such as currency devaluation won’t undo the modes of domination and control being used to facilitate economic exploitation—these forms of neo-slavery are political-economic in that their power of coercion derives from integrated institutions—laws, courts, policing, and international agreements, and not primarily from ‘markets.’



Furthermore, the persistence of political-economic hierarchy in slightly differing forms across the centuries raises more fundamental questions for the practice of economics sans the political. The Marxian critique that the state serves the institutional needs of the ruling class could not be more straightforwardly apparent than in the prison or agriculture industries. And again—the modes of domination and control needed to facilitate economic exploitation are being expanded coincident with the rising prospects of the ruling class and declining prospects of the rest of us.



Last, the question of why four trillion dollars has been conjured to buy financial assets rather than to put the unemployed directly to work needs to be answered? The establishment line, that the prior is politically feasible while the latter isn’t, needs to be explained in light of the Census report that the rich are benefiting from current (Fed) policy while the majority of citizens are seeing rapid declines in economic fortune.




waitingtables is offline  
Old September 26th, 2012, 06:25 PM   #9
Senior Member
 
Jimmyb's Avatar
 
Join Date: Jun 2012
Location: Earth
Posts: 38,895
Given the choice between hard data from the IRS regarding income shifts based on actual tax returns and information collected by answering questions on a census form, I'll go with hard data. As the disclaimer from the Census Bureau states, their analysis is based on the collection of answers.
Jimmyb is offline  
Old September 26th, 2012, 06:52 PM   #10
Eyes Wide Open
 
waitingtables's Avatar
 
Join Date: Jul 2007
Location: NJ
Posts: 44,991
Have you provided that information here? I don't remember seeing it. Can you link to it or repost it?
waitingtables is offline  
Reply

  Defending The Truth Political Forum > Political Forum > Current Events

Tags
poor, poorer, rich, richer



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Welfare, is it keeping the poor, poor? mytmouse57 Economics 40 June 8th, 2015 09:21 AM
How The Rich Get Richer Podium Pentothal Current Events 11 June 23rd, 2012 07:16 PM
The Growing Gap Between Rich and Poor ClassWarrior Money and Finance 13 February 26th, 2008 08:12 AM
Tax Cuts For The Rich Help The Poor alias Money and Finance 86 November 26th, 2006 10:20 PM
Government For the Rich, By the Rich and ONLY for the Rich ManOfTrueTruth Political Talk 9 February 6th, 2006 06:42 PM


Facebook Twitter RSS Feed



Copyright © 2005-2013 Defending The Truth. All rights reserved.