Here’s another Obama accomplishment – Americans have experienced the biggest drop in disposable income in two decades.
Americans saw their income drop so dramatically in January that it marked the deepest one-month decline in 20 years.
Personal income decreased by $505.5 billion in January, or 3.6%, compared to December (on a seasonally adjusted and annualized basis). That’s the most dramatic decline since January 1993, according to the Commerce Department.
It’s something of a combination of one-time events, though.
The reason for the steep drop is twofold – but both reasons relate to Obama’s tax hikes – one is that many companies paid out big dividends in December before the tax hikes took affect, and the other is the tax hikes themselves. Workers are sending more money to the government and therefore have less spending money. But from now on, every bit of bad economic data will be blamed on the sequester.