Rising tide under Bush years…..
Hard to dispute these facts. Every “stable” household in America is better off. Stable means “steadily employed”.
Problems coming to light are printing press money. Lowering interest rates to avoid losing elections generates huge deficits which robs savings. Borrowed money then leads to speculation on credit spreads and currencies. Money always flows to highest immediate return. This has been happening steadily now for last 10 years or so. Once the Republicans abandoned “Reaganomics” and inflated . The deficits exploded taking them our of power. Maybe for a generation.
The reason? Not allowing political constituencies to lose in the short term leads to everyone losing through inflation and eventually bankruptcy. This gives your enemies a chance to humiliate you for lying to your voters. Causing cynicism and dispare.
Politically it is imperative that the Dems win this cycle of elections to bring the bust to it’s head. There is no painless answer ever found in history to this dilemma. Other than to bankrupt the treasury. Last time this happened in the 30’s the Republicans lost all claim to power for a whole generation .
The housing bubble created by deficit spending lead to gambling that we would be richer in the future. Borrowing money leads to this feeling of getting something for nothing. Anything goes wrong and this house of cards fallin crushes everything in it’s path.
Household Income Rises, Poverty Rate Unchanged,
Number of Uninsured Down
Real median household income in the United States climbed 1.3 percent between 2006 and 2007, reaching $50,233, according to a report released today by the U.S. Census Bureau. This is the third annual increase in real median household income.
Meanwhile, the nation’s official poverty rate in 2007 was 12.5 percent, not statistically different from 2006. There were 37.3 million people in poverty in 2007, up from 36.5 million in 2006. The number of people without health insurance coverage declined from 47 million (15.8 percent) in 2006 to 45.7 million (15.3 percent) in 2007.
These findings are contained in the report Income, Poverty, and Health Insurance Coverage in the United States: 2007 [PDF]. The data were compiled from information collected in the 2008 Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC).
Also released today were income, poverty and earnings data from the 2007 American Community Survey (ACS) for all states and congressional districts, as well as for metropolitan areas, counties, cities and American Indian/Alaska Native areas of 65,000 population or more.
Current Population Survey
(Primarily the source of national-level statistics)
The 2008 Current Population Survey Annual Social and Economic Supplement (CPS ASEC) reveals the following results for the nation:
Race and Hispanic Origin (Race data refer to people reporting a single race only. Hispanics can be of any race.)
* Real median income (adjusted for inflation) for black and non-Hispanic white households rose between 2006 and 2007, representing the first measured real increase in annual household income for each group since 1999.
* Real median household income remained statistically unchanged for Asians and Hispanics.
* Among the race groups and Hispanics, black households had the lowest median income in 2007 ($33,916). This compares to the median of $54,920 for non-Hispanic white households. Asian households had the highest median income ($66,103). The median income for Hispanic households was $38,679.