By any measure, the middle class has certainly lost ground. Median household income has declined each of the last four years, a decline which has accelerated during the Obama “recovery” that started in June 2009. Median household income dropped 2.6 percent during the Great Recession, but has dropped 4.8 percent in the three years since.That didn't exactly work out for them, did it?
That is one reason why the Census Bureau reported three weeks ago that the middle class had declined to“an all-time low” in 2011, as the Washington Post headlined their article on the subject. By the third year of Barack Obama’s presidency, poverty had leveled off at a near all-time high as well, while the middle class continued to lose ground on income. But that wasn’t the only measure on which the middle class found itself moving backward; their average work hours also declined, as did the average pay rate, while home values continued to decline. The percentage of Americans with jobs fell to a 31-year low in August at 63.5 percent, another symptom of a decline in the middle class.
All of this occurred during the Obama/Biden administration, a point that the Democrats had tried to avoid during the 2012 campaign.
Thursday, October 04, 2012
Middle Class Undertakers
So who really buried the middle class?