As I type President Obama is on TV delivering yet another big speech on the economy. He says his focus is on the middle class. So, how has the middle class fared under his leadership? The answer is, not so well.
The economic recovery of summer 2013 is playing out in an all-too-familiar way for poor and middle-class Americans: Gas prices are up, growth is slowing, and there still aren’t nearly enough new jobs to employ the almost 12 million people seeking work.
An improving housing market and rising stock prices appear to have done little to increase the take-home pay of the typical U.S. worker. And while the economy continues to heal faster than that of almost any other Western nation, evidence remains strong that the recovery has done little to boost the fortunes of people in the vast economic middle. …
The Labor Department reported this month that average earnings have barely grown faster than inflation over the past year. Data from spring show that median earnings — those of the worker smack in the middle of the middle class — have fallen 4 percent since the recession ended, after adjusting for inflation.
Researchers at the Federal Reserve Bank of San Francisco reported this week that wage growth across the economy is continuing to slow in the wake of the recession, in a way similar to the past two recessions but counter to previous recoveries in the 20th century. The researchers warned that wage growth is likely to decelerate “long after the unemployment rate has returned to more normal levels.” (Read More)
Bankrupting America is asking what happened to Obama’s Middle Class Task Force. Remember that? He probably doesn’t, either, since he’s been on a mission to destroy the middle class. What better way to do so than to get rid of full time work via Obamacare?