Ryan: “This is not what a real recovery looks like”
posted at 8:22 pm on September 27, 2012 by Erika Johnsen
Republican vice presidential nominee Paul Ryan was on Cavuto this afternoon, just doing one of the things he does best — hammering the Obama administration on their failed economic policies and touting his and Mitt Romney’s pro-growth plan.
Good stuff, but nothing out of the ordinary for him — so here’s some fun new evidence about just how much this Obama “recovery,” most definitely isn’t. From Jeffrey Anderson at the Weekly Standard:
New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household. …
Amazingly, incomes have dropped even more during the “recovery” than they did during the recession. In fact, they’ve dropped more than twice as much as they did during the recession. From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent. From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent. This begs the question: What kind of “recovery” compares unfavorably with the recession from which it’s ostensibly recovering?
What’s more, as Anderson points out, 59.4 percent of Americans were employed in the final days of the official recession. Just last month, that number was only 58.3 percent. So, in a nutshell, since the end of the recession, Americans’ real annual household income and the number of employed Americans have both declined.
Man, this is some “recovery” we’re having. Forward!