Matt Stoller pointed out that income disparity, which is associated strongly with negative social indicators (crime rates, poor health outcomes) as well as lower growth, rose faster under Obama than Bush.
Newly released Census data provides more evidence of the failure of Obama’s economic policies. A Bloomberg story summarizes how it shows that median incomes fell even as those at the top showed income gains. And why might Obama think he can be indifferent to the fate of ordinary Americans? Might it not be unrelated to the disproportionate role that the 1% and even more important, the 0.1%, play in campaign funding?
The U.S. Census Bureau released figures today that showed median household income fell, underscoring a sputtering economic recovery and struggling middle-class that are at the center of the presidential campaign.
The proportion of people living in poverty was 15 percent in 2011, little changed from 15.1 percent in 2010, while median household income dropped 1.5 percent. The 46.2 million people living in poverty remained at the highest level in the 53 years since the Census Bureau has been collecting that statistic.
“The gains from economic growth in 2011 were quite unevenly shared as household income fell in the middle and rose at the top,” Robert Greenstein, president of the Center on Budget and Policy Priorities in Washington, said on a conference call with reporters.
Average incomes fell for the bottom 80 percent of earners and rose for the top 20 percent, highlighting the need for “those at the top to share,” as the nation looks to reduce its budget deficit, Greenstein said.
The top 1 percent of households experienced about a 6 percent increase in income, said David Johnson, chief of the social, economic and housing division at the Census Bureau.