Tuesday, September 13, 2011

Census Data: Obama Depression Worse Than Thought

President Obama pondering his next extravagant vacation
Washington DC, Sep 13, 2011. Shocking statistics released by the Census Bureau are telling us that we are now in a full fledged Economic Depression.

This sad state of affairs was largely caused by the inept management, reckless spending, and dangerous policies of President Barack Hussein Obama, D. Kenya.

The U.S. poverty rate rose to the highest level in almost two decades and household income fell in 2010, underscoring the lingering impact of the worst economic slump in 70 years.
Amid a still struggling economy, more Americans fell below the poverty line last year, according to new census data released Tuesday.
The proportion of people living in poverty climbed to 15.1 percent last year from 14.3 percent in 2009 and median household income declined 2.3 percent. The 46.2 million Americans living in poverty was the highest since the Census Bureau began counting the number 52 years ago. Those figures may have worsened in recent months as the economy weakened.

“Families are struggling to put food on the table, and they don’t have the purchasing power to help the economy recover,” said Isabel Sawhill, a senior fellow at the Brookings Institution in Washington. 

Obama's economic policies have made us a third world nation
Stagnating incomes and rising poverty will be at the heart of the 2012 presidential election campaign.

More and more, voters are focusing on the President's failure to create any jobs despite record spending for various "stimulus plans."

This will give added urgency to debates in Washington and statehouses across the U.S. over budget cuts to programs designed to protect families from hardship.

The government defines the poverty line as income of $22,314 a year for a family of four and $11,139 for an individual. The Office of Management and Budget updates the poverty line each year to account for inflation.
As for middle-class American families, income fell in 2010. The median household income was $49,445, down slightly from $49,777 the year before.
Overall, median income has changed very little compared to rising consumer prices over the last 30 years. Adjusted for inflation, the middle-income family only earns 11% more than they did in 1980, while consumer prices have risen roughly 155%.

The figures weren't very surprising, given the unemployment rate remained above 9% in 2010 and the number of Americans who have been unemployed for six months or more surged to an all-time high during the year.

More than a fifth of Americans under the age of 18 lived in poverty last year, new U.S. Census figures show.

The poverty rate for children rose from 20.7 percent in 2009 to 22 percent last year, making kids more likely than any other age group to be poor.

For children under the age of 6, the picture is even bleaker--25.3 percent of them lived in poverty last year. Overall, 15 percent of Americans were poor last year, the highest rate since 1993.

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