Date: 16 September 2015
Author: Tyler Durden
At this moment, president Obama is taking to the Business Roundtable where as noted previously he will discuss “the turnarounds in the stock market, housing iprices [sic?] and job growth.”
In other words: helping wealth inequality hit record levels, permitting Chinese and other offshore “investors” to push high-end US real estate prices to never before seen levels, while everyone else “benefits” from record jobs for bartenders and waiters.
As for the stock market, other socialist leaders will laugh at Obama’s puny returns.
That said, here are some things Obama will not discuss.
According to the just released Census Bureau annual report on Income and Poverty, in 2014 the official poverty rate was 14.8% as a result of a record 46.7 million Americans living in poverty. This is the fifth consecutive year since the end of the recession that the number of impoverished Americans has barely not budged. What recovery?
Worse, while there was no material change for the percentage of Americans in poverty, there was a statistical increase in the number of people in poverty who had at least a bachelor’s degree (rising from 3 million to 3.4 million in one year) and married-couple families. Because through higher education and debt, to poverty.
The people living in extreme poverty, i.e. below 50% of the poverty minimum, also rose to an all time high of 20.8 million.
Of the 91 million Americans who were out of the labor force in 2014 and otherwise did not work, a record 24.2% or 22 million, lived in poverty.
But the most damning fact about the total failure of the US recovery, and one thing Obama will certainly not mention, is that the median real household income, after posting a modest increase in 2013 to $54,462, dropped once again, sliding 1.5% in 2014 to $53,657 and down from a high of $57,843 record in 1999.
This was nearly the same as the $53,306 median household income recorded in… 1989.
So all those talking about Japan’s lost three decades, perhaps it is time to mention America’s lost 25 years…