Yes He Did

[applegrove]

Yes He Did

by Paul Krugman at the NY Times

http://krugman.blogs.nytimes.com/2016/01/13/yes-he-did/?smid=re-share&_r=0

"SNIP..............



Unemployment is, of course, more or less back to pre-crisis levels, but that’s in part due to falling labor force participation. So what’s happening to family incomes? Unfortunately, the Census data on those incomes come with a long lag, but Sentier Research now produces much more timely estimates (using the CPS data), which are shown above. What they say is that after a severe drop, median real household income is also roughly back to pre-crisis levels.

That’s not a great result; once upon a time we expected median income to be markedly higher at each business cycle peak than it was at the preceding peak. But that wasn’t true under Bush, who also only more or less presided over a return to the previous peak on the eve of the Great Recession — and the Bush-era economy only got there thanks to a disastrous housing bubble. (As an aside: median income didn’t rise much under Reagan either.)

So the Obama macroeconomic record isn’t just one of stabilizing the economy after a terrifying crisis; he has also presided over overall income growth that, assuming we don’t have another recession this year, will have been better than his predecessor.

And meanwhile we’ve seen a dramatic reduction in the number of uninsured Americans, so while income has been flat, income security is up substantially.


...............SNIP"

[randys1]

1. If I were to post these FACTS on the board I play with cons at, they would all laugh

and say Krugman is a liar and the facts are not the facts.

They actually believe that too

[applegrove]

2. I know. I wonder if Obama got through to a few people last night. It was a great hopeful speech and

the GOP base needs more hope. Once they try it they might just like it.

[pansypoo53219]

3. they prefer fear.

theirs mostly.

[X_Digger]

4. Yet underemployment is also way up.

And wages are stagnant, not even meeting inflation.

Great that gas is cheap. Sucks that you have to work two jobs and use twice the gas..