Thanks Mr Obama: Big Income Losses for Those Near Retirement

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From the New York Times Business Day:

Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply.

The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.

Across the country, in almost every demographic, Americans earn less today than they did in June 2009, when the recovery technically started. As of June, the median household income for all Americans was $50,964, or 4.8 percent lower than its level three years earlier, when the inflation-adjusted median income was $53,508.

Since your 2008 “Hope and Change,” what kind of hope and change has occurred?  I’d submit this: no hope, much change.  See above.

The common Political Yardstick: are you better off today than you were four years ago?  And what does your future portend?

No, I’m not.  And I’m facing a slanted SCOTUS, ObakaKare and CapNTax.

Further:

Odds of Global Recession Are 100%

There’s still a 100 percent chance the world heads into recession, Marc Faber, publisher of “The Gloom, Boom & Doom Report,” told CNBC’s “Closing Bell” on Thursday, echoing a call he made in May.

Bloomberg | Getty Images
Marc Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom and Doom Report

When you look at the major economies, Europe, the U.S., China and the emerging markets that are dependent on China for growth, Faber, aka Dr. Doom, only sees weakness.

“Europe is already in recession,” he said. “Germany is still growing very, very slightly, but is likely to go into recession soon.”

Growth in the U.S. is also falling off. “The U.S. economy has decelerated and I don’t see much growth in the next six to 12 months,” Faber said.

There’s also little the Federal Reserve and other policy makers can do to turn the U.S. economy around. “I think that if you look at the injection of liquidity and the intervention by the Federal Reserve and the Treasury with fiscal measures, it has already impoverished the U.S. economy,” he said.

Right.

All is well.

Hope and change.

BZ

 

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8 thoughts on “Thanks Mr Obama: Big Income Losses for Those Near Retirement”

  1. BZ…we’ve gone NUTS. People actually don’t understand that even America can’t keep spending more than she makes.
    All the CHANGE has STUNK, hasn’t it………..and he’s not left us much CHANGE, either$$

    Then the left celebrates creeps like John Kerry, worth $240 million (from his wife) when he was running and the left insults Romney who earned his $250 million and they love telling America what a cad he is for being rich. WHAT THE…….? Don’t leftists SEE THEIR OWN HYPOCRISY!?
    Don’t they FEEL THE PAIN in their pocketbooks like WE do?
    And Axelrod calls ROMNEY “Weird”? (which is QUITE an excellent game plan, by the way, that scum bag REALLY has a nose for PR…that WEIRD will ring in a lot of peoples’ heads and they’re too dumb to say “why weird?”

  2. I’ve given up the idea of retiring. I will work until my body no longer allows me to continue. I also have given up the idea that I will be able to provide my children any real security for the future. The socialist and idiot ratios are way too high to correct. The Romney campaign was the last chance we had to educate / enlighten the electorate. Apparently they are unwilling or incapable of doing so.
    There’s no place to go, and I doubt that any states that may secede will be taking in refugees. The U.S., as we knew it, is truly over. We are all world (whirled) citizens now, with the risks here as great or perhaps greater than other countries. I know one thing for sure. When it hits the fan here, no one will help. The fascist bastards know it too. Our fate will resemble the Chinese Cultural Revolution. The real numbers will never be known.

  3. If Texas were to secede there would be room for some good Conservative people but you’d need a *sponsor*… That’s where I come in.. 😛

    Some folks in California would be very welcome here, BZ, Rob, a few others, then there’s that egotistical faux conservative TURD down at LBCC.. He would be shot as soon as he was seen! Several times…

    Ya gotta make sure the faux conservative never spreads here in Texas.. 😈

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