Downward mobility in Obama's jobless recovery

[Rion]

Folks, the middle class is coming back," Biden told a Minnesota crowd on Tuesday. "They have been ravaged, they have been ravaged. But they're starting to come back."

He got the ravaged part right, but the comeback part? If only it were so. As if the 8.2 percent unemployment rate didn't make things clear enough, the following day the Pew Research Center issued a report, "The Lost Decade of the Middle Class." The title says it all. The report notes that since Barack Obama has taken office, the average median income of middle-class households has fallen marginally, not risen. Their median net worth has fallen from $113,000 to $93,100.

Examiner Editorial: Downward mobility in Obama's jobless recovery | WashingtonExaminer.com

As it says further down, blaming Bush just doesn't work any more. Time Barry man'd up and took responsibility.

 

[HalfoffSale]

I blame this trend.

http://www.nytimes.com/2012/07/23/b...es-workers-for-steep-cuts.html?pagewanted=all



Caterpillar Inc. Sees Surging Profits, Amid Pay Cuts And Rumors Of Plant Closures

 

[Rion]

 

[Vylo]

Unfortunately, bringing the country fully back isn't going to be as easy as it was in the past. It is heading on the right track overall, but could have a lot of improvements. Unfortunately, the only candidate I see with a solid chance of actually getting us there is Johnson, who seems relatively unknown to the general population.

 

[whatbogsends]

You gotta love the collective amnesia the right seems to display with regard to what the forecast was during the 2008 financial crisis. Overall, i expected things to be worse from 2009-2012 than they have been.

That we're still reeling from the crisis caused largely by the unregulated over-extension of the derivatives is hardly surprising. That partisans would lay the blame solely at Obama's feet is even less so.

 

[MachZer0]

You gotta love the collective amnesia the right seems to display with regard to what the forecast was during the 2008 financial crisis. Overall, i expected things to be worse from 2009-2012 than they have been.

That we're still reeling from the crisis caused largely by the unregulated over-extension of the derivatives is hardly surprising. That partisans would lay the blame solely at Obama's feet is even less so.

As I recall the forecast in 2009 from the administration was 6% unemployment by now and a deficit halved by now. How has that worked out?

 

[Rion]

As I recall the forecast in 2009 from the administration was 6% unemployment by now and a deficit halved by now. How has that worked out?

That's no fair, you're using Obama's own claims against him!

 

[MachZer0]

That's no fair, you're using Obama's own claims against him!

Michael Savage coined it appropriately, Trickle Up Poverty

 

[NightHawkeye]

Examiner Editorial: Downward mobility in Obama's jobless recovery | WashingtonExaminer.com

As it says further down, blaming Bush just doesn't work any more. Time Barry man'd up and took responsibility.

What I don't understand is that Obama claims to "reward" his "friends" and "punish" his "enemies", yet the map suggests that Obama's friends haven't done as well as his enemies.

I shudder to think how bad off Obama's "friends" would be now if Obama hadn't "won" the last election.

 

[RedPaddy]

You gotta love the collective amnesia the right seems to display with regard to what the forecast was during the 2008 financial crisis. Overall, i expected things to be worse from 2009-2012 than they have been.

That we're still reeling from the crisis caused largely by the unregulated over-extension of the derivatives is hardly surprising. That partisans would lay the blame solely at Obama's feet is even less so.

It's not solely Obama's fault. You've got to go back to Barney Frank and his dealings with fannie (the mortgage one).

 

[Rion]

What I don't understand is that Obama claims to "reward" his "friends" and "punish" his "enemies", yet the map suggests that Obama's friends haven't done as well as his enemies.

I shudder to think how bad off Obama's "friends" would be now if Obama hadn't "won" the last election.

He did reward them. Obama said nothing about the peons they rule over.

 

[NightHawkeye]

It's not solely Obama's fault. You've got to go back to Barney Frank and his dealings with fannie (the mortgage one).

Don't forget, his double-dealings with Freddie, too.

Barney Frank - Wikipedia, the free encyclopedia

In 2003, while the ranking minority member on the Financial Services Committee, Frank opposed a Bush administration proposal, in response to accounting scandals, for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal, supported by the head of Fannie Mae, reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "These two entities ...are not facing any kind of financial crisis ... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." In 2003, Frank also stated what has been called his "famous dice roll": "I do not want the same kind of focus on safety and soundness [in the regulation of Fannie Mae and Freddie Mac] that we have in the Office of the Comptroller of the Currency and the Office of Thrift Supervision. I want to roll the dice a little bit more in this situation towards subsidised housing."

In July 2008, Frank said in an CNBC interview, "I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward."
​

Sometimes the only solution is to go in and ... clean house. [pun intended]

 

[RedPaddy]

At least they've made sure barney won't be back this fall. they did away with his district.

 

[abysmul]

He did reward them. Obama said nothing about the peons they rule over.

This seems to be the way both party establishments operate, reward your insiders ... pay lip service to your peons.

 

[Grizzly]

Examiner Editorial: Downward mobility in Obama's jobless recovery | WashingtonExaminer.com

As it says further down, blaming Bush just doesn't work any more. Time Barry man'd up and took responsibility.

I thought the Bush tax cuts were going to trickle down to everyone? Rising tide lifts all boats?

And where are all the job creators? What are they doing? They got their tax cuts. Shouldn't they be out creating jobs?

 

[Rion]

This seems to be the way both party establishments operate, reward your insiders ... pay lip service to your peons.

Nooo...! Obama is different! He's all... hopey-changey-like. Don't you dare compare him to a standard politician!

 

[Rion]

I thought the Bush tax cuts were going to trickle down to everyone? Rising tide lifts all boats?

And where are all the job creators? What are they doing? They got their tax cuts. Shouldn't they be out creating jobs?

Well for one thing, the job-creators at my company are cutting back all part-timers to under 25 hours. Why? Because of Obamacare. I'd wager to guess that Barry's brand of economic justice is making them rather paranoid when it comes to expanding their business.

 

[RedPaddy]

I thought the Bush tax cuts were going to trickle down to everyone? Rising tide lifts all boats?

And where are all the job creators? What are they doing? They got their tax cuts. Shouldn't they be out creating jobs?

psst. the bush tax cuts expired. Obama signed and now owns the ones that expire come January.

 

[Assuredcw]

I thought the Bush tax cuts were going to trickle down to everyone? Rising tide lifts all boats?

And where are all the job creators? What are they doing? They got their tax cuts. Shouldn't they be out creating jobs?

Copy paste from my Paul Ryan thread:

.... The point is, no fiscal policy is served by cutting taxes on the upper brackets, except possibly to increase investment, but more and more investment is going overseas. Now, I could see cutting taxes for corporations and the upper brackets, if at the same time you penalize the foreign investment (because if they are going to China to build a manufacturing plant and hire people, I'll be darned if I am going to pay for that). But the GOP Congress won't allow the tax penalties to pass, so I think until it does, we shouldn't have any tax cuts for these people. The tax cuts should serve a purpose that will benefit ALL of us, and cuts for the upper brackets don't benefit us unless there is a corresponding penalty for foreign investment.

Also, without that tax penalty, we are going to continue to hemorrhage jobs, and they will flow where the labor is cheaper, and those reduced costs won't be passed on to the consumer, but will be gobbled up as additional profits. That's how you get a "jobless recovery."

You want to see an improvement? Then you need to start penalizing foreign investment. It DOESN'T create jobs.

 

[Grizzly]

Well for one thing, the job-creators at my company are cutting back all part-timers to under 25 hours. Why? Because of Obamacare. I'd wager to guess that Barry's brand of economic justice is making them rather paranoid when it comes to expanding their business.

Can you explain the relationship between Obamacare and cutting back part-timers?