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Income falls 3.2% during Obama’s term

Posted By admin On April 13, 2010 @ 3:56 am In U.S. News | Comments Disabled

Joseph Curl
Washington Times [1]
April 13, 2010

Real personal income for Americans – excluding government payouts such as Social Security – has fallen by 3.2 percent since President Obama took office in January 2009, according to the Commerce Department’s Bureau of Economic Analysis.

For comparison, real personal income during the first 15 months in office for President George W. Bush, who inherited a milder recession from his predecessor, dropped 0.4 percent. Income excluding government payouts increased 12.7 percent during Mr. Bush’s eight years in office.

“This is hardly surprising,” said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office. “Under President Obama, only federal spending is going up; jobs, business startups, and incomes are all down. It is proof that the government can’t spend its way to prosperity.”

According to the bureau’s statistics, per capita income dropped during 2009 in 47 states, with only modest gains in the other states, West Virginia, Maine and Maryland. But most of those increases were attributed to rising income from the government, such as Medicare and unemployment benefits.

Full article here [1]

Income falls 3.2% during Obamas term 040310banner3 [2]

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URLs in this post:

[1] Washington Times: http://www.washingtontimes.com/news/2010/apr/13/personal-income-falls-32-during-obamas-15-months/

[2] Image: http://purewaterfreedom.com/

[3] Californians’ income falls for first time since WWII: http://www.prisonplanet.com/californians-income-falls-for-first-time-since-wwii.html

[4] New Yorkers’ Income Falls for 1st Time in 70 Years: http://www.prisonplanet.com/new-yorkers-income-falls-for-1st-time-in-70-years.html

[5] Here Are The 47% Of The Population Who Don’t Pay Federal Income Tax: http://www.prisonplanet.com/here-are-the-47-of-the-population-who-dont-pay-federal-income-tax.html

[6] Personal Income Drops Across the Country: http://www.prisonplanet.com/personal-income-drops-across-the-country.html

[7] 45%: Obama’s Gallup Weekly Job Approval Drops to Second-Term Low: http://www.prisonplanet.com/45-obamas-gallup-weekly-job-approval-drops-to-second-term-low.html

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