Middle class incomes had their fastest growth on record last year

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  • #23017
    Vitalogy
    Participant

    Middle-class Americans and the poor enjoyed their best year of economic improvement in decades in 2015, the Census Bureau reported Tuesday, a spike that broke a years-long streak of disappointment for American workers but did not fully repair the damage inflicted by the Great Recession.

    Real median household income was $56,500 in 2015, the bureau reported, up from $53,700 in 2014. That 5.2 percent increase was the largest, in percentage terms, recorded by the bureau since it began tracking median income statistics in the 1960s.

    In addition, the poverty rate fell by 1.2 percentage points, the steepest decline since 1968. There were 43.1 million Americans in poverty on the year, 3.5 million fewer than in 2014. The share of Americans who lack health insurance continued a years-long decline, falling 1.3 percentage points, to 9.1 percent.

    A combination of forces fueled the gains, including an improving job market, low inflation and rising wages, particularly for low-earning workers who may have benefited from state and local initiatives to boost minimum wages.

    https://www.washingtonpost.com/news/wonk/wp/2016/09/13/the-middle-class-and-the-poor-just-had-the-best-year-since-the-end-of-the-great-recession/

    Thank you Obama!

    #23018

    93.5 million Americans are not in the workforce.

    Thanks Obama.

    #23019
    edselehr
    Participant

    “93.5 million Americans are not in the workforce.”

    Uh, yea, if you count children (that’s 74 million), retired, and people who choose to stay at home.

    The actual number of people unemployed (looking for work, but not finding it) is 7.9 million, or 5% of the work force. Last time the unemployment rate was this low was mid-2008.

    Absolutely “Thanks Obama!”

    #23021
    Andy Brown
    Participant

    Vern, you seem to forget that Dubya put a lot more than that out of work. The number of long-term unemployed Americans has dropped by 614,000 under Obama, but it is still 761,000 higher than at the start of the Great Recession which was brought to you by Dubya and the malfeasance of the GOP administration that also brought us the 2003 recession.

    source: factcheck.org

    #23048
    LurkingGrendel
    Participant

    He knew it was a lie. He posted it anyway. He’ll stand by it.

    Conclusion: He’s a douche nozzle.

    Source: LG

    #23053

    This graph is from the US Dept of Labor. You can see the full size version here:
    http://data.bls.gov/timeseries/LNS15000000

    The column on the left is by thousands, and as anyone can see clearly from the graph, it approaches 95,000,000 out of the workforce.

    Not a lie. Not an exaggeration. Statistics from Uncle Sam himself.

    Under Obama, more than 15,000,000 were added to those out of the workforce–bringing it to a level not seen for over 40 years.

    Thank you Obama. I’m sure they’ve grown to love daytime TV.

    #23055
    Andy Brown
    Participant

    You need to read that statistic more carefully. That number includes minors. That’s a pretty useless stat in the instant discussion. Also if you put the start date back to 1975 (earliest possible) any douche nozzle such as yourself can plainly see that the curve does not vary in slope annually. It just keeps getting bigger. Think about that. Ever hear of population growth?

    In other words, your graph has no relevancy to understanding unemployment, underemployment or employment gains. Basically your choosing the number and trying to apply a conclusion that is not supported by the one graph all by itself.

    An accurate analysis shows jobs have grown, it’s incomes that have taken so long to start growing and the recent news about average incomes rising is more relevant, more accurate and ‘trumps’ your ridiculous junior high school attempt to make a point. You failed again.

    #23056

    OK, I concede it would be be more fair to judge by percentage.

    And that makes things look better but the labor force participation rate has dropped by 3%.

    That cancels out much if not all of the reported improvements in the unemployment rate.

    #23061
    Andy Brown
    Participant

    Wrong again!!

    The labor participation is at a nadir because of the greatest recession and its effects on the workforce mainly all the people that stopped looking for work. As those people have seen the growth of the economy happening around them, they are slowly re-matriculating themselves into the work force.

    Sorry, Vern. You missed again. But remember, most every thing you can find wrong or slow or insufficient in the economy has more to do with what Dubya and the Republicans did to this nation when they were in control.

    Also please realize that the formula for L.P.R. also includes population growth so at the end of the Bush II fiasco, the chart shows how as the Great Recession took hold and jobs thinned, population continued to grow (as it always will) making the curve nosedive. Then since the GOP led Congress did nothing for 8 years to help economic policy except block any and all ideas, even their own (because it’s only a good idea when they are holding the Presidency), it’s been all the more of a struggle to gain back the kinds of numbers we had in the 90’s.

    Even, still, under Obama:

    The economy has gained jobs every month after February of 2010. Including 2009 (the economy lost jobs every month of 2009 thanks to Dubya, albeit at a steadily slowing rate thanks to Obama), the United States has added an average of 127,824 jobs per month during Obama’s presidency, which places him fifth for job creation since FDR. However, excluding 2009, the average would be 191,747 per month, which would rank him second, and from 2011 to the present, we have averaged 207,429 per month, which would place President Obama just behind President Clinton for first place.

    The raw truth is that the Obama administration, which began in the midst of massive layoffs from the Great Recession, has presided over a job market turnaround. Overall employment is about 7 percent higher than when he took office.

    #23069
    LurkingGrendel
    Participant

    Facts: A well known liberal conspiracy.

    #23070
    Andy Brown
    Participant

    LOL

    #23071
    Amus
    Participant

    Who needs facts when you have opinion informed by more opinion?

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