Recovery Lagging for Middle Class
So much for Obama being the “President of the middle class”…
According to the Census Bureau, income for the middle class fell 8 percent to its lowest level since 1995. “The New York Times” severely understates the case saying that this “poses a challenge” for Barack Obama as he vies for a second term
According to the report, middle class income has fallen to a national average of $50,054 annually, close to what it was back in 1995. The Times finds this troublesome for the President.
That drop poses a political challenge for President Obama as he presents himself as a champion of the middle class and defends his economic stewardship in a tightly fought presidential race. The Republican presidential candidate, Mitt Romney, is likely to seize on the decline as evidence of the president’s failure to fix an ailing economy. Mr. Obama, for his part, has emphasized the potentially damaging effects of Republican policies on the middle class.
Revealing a lopsided recovery, the same Census Bureau report does note that the top 5 percent of households have seen some recovery of lost income even as they “took a whack in the recession.”
The Obama administration points to these statistics claiming that the “rich” need to be taxed more. But others disagree.
“Over the long run, the disappearing middle class has moved up, not down,” said Douglas J. Besharov, a professor of public policy at the University of Maryland. “Too much redistribution will kill the goose that laid the golden egg.”
The report also found that median household income fell by 1.5 percent thus far in 2011 and the new jobs created were not of the best quality.
During the recovery, about 3 in 5 of the new jobs created have been low-skill and low-wage — taking people off the unemployment rolls and pulling some families out of poverty, but not providing a clear route to the middle class.
Americans are working harder for less money keeping many out of poverty but not helping them rise to higher levels of income.
Warner Todd Huston
Warner Todd Huston is a Chicago-based freelance writer, has been writing opinion editorials and social criticism since early 2001 and is featured on many websites such as Andrew Breitbart's BigGovernment.com, BigJournalsim.com and all Breitbart News' other sites, RightWingNews.com, CanadaFreePress.com, and many, many others. Additionally, he has been a frequent guest on talk-radio programs across the country to discuss his opinion editorials and current events as well as appearing on TV networks such as CNN, Fox News, Fox Business Network, and various Chicago-based news programs. He has also written for several history magazines and appears in the book "Americans on Politics, Policy and Pop Culture" which can be purchased on amazon.com. He is also the owner and operator of PubliusForum.com. Feel free to contact him with any comments or questions : EMAIL Warner Todd Huston and follow him on Twitter, on Google Plus , and Facebook.
-By Warner Todd Huston Politico has a story up about Media Matters that shows just how illegitimate, how low down,
In the recent past, it would have been intrepid members of the 5th estate, those who are paid to be
Looking all over the Internet, from blog sites to the major news media, they are all aflutter with speculation about