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February 14, 2013
Obummer Economy Update: Obama "recovery" destroying middle class
Posted by Laura

"For the middle class today, [the Obama] recovery isn't translating into higher paying jobs," reports the Washington Post.  This is a devastating families and entire communities across the U.S. today.  Neither party really has answer about how to remedy the problem of our ever-debilitated middle class. Yes, Republicans, tax cuts will help some and budget reform will improve the overall economic outlook, too.  But something far deeper must be addressed to begin to rebuild our middle class wages and standard of living.  No, Mr. President, spending more government money to create more government jobs won't do it either.  In the end, Pat Buchanan was smarter than most libertarians thought.  The trade-offs for so-called "free trade" weren't pretty for most Americans.  Globalization has its benefits, but the middle class of our country aren't seeing them.  Even the Post acknowledged that "globalization...enabled companies to lay off highly paid workers in the U.S. during recessions and replace them with lower-paid ones overseas during recoveries."  The current landscape is bleak: "Today, nearly four years after the Great Recession, 12 million Americans are actively looking for work but can’t find a job; 11 million others are stuck working part time when they would like to be full time, or they would like to work but are too discouraged to job-hunt. Meanwhile, workers’ median wages were lower at the end of 2012, after adjustments for inflation, than they were at the end of 2003. Real household income was lower in 2011 than it was in 1989."  Yes, you can--earn less than the decade before. 

02/14/13 8:02 AM
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