Democrats’ War on the Middle Class Has No End in Sight

August 27, 2012

The Middle Class Is Suffering Under Democrats’ Failed Policies, But Democrats Are Pledging More of the Same

New economic reports offer more evidence that the Democrats’ failed policies have made a bad economy worse, with staggering consequences for the middle class.
Under the Democrats’ failed policies, high unemployment and low economic growth have become a new normal and this could be how things remain for the foreseeable future.
Americans are tired of Democrats doubling-down on failure, but that hasn’t stopped Democrats from continuing to prescribe more of the same.

New economic reports offer more evidence that the Democrats’ failed policies have made a bad economy worse, with staggering consequences for the middle class:

MEDIAN NET WORTH PLUMMETTED DURING THE RECESSION: “Perhaps the most dramatic figure is that median net worth took a major hit during the recession. It plummeted from $152,950 to $93,150.” (Eyder Peralta, “Pew: Middle Class Poorer, Earning Less and Shrinking,” NPR, 8/22/2012)

“WEAK RECOVERY LEAVES MOST LAID-OFF US WORKERS STRUGGLING TO FIND NEW JOBS; MOST TAKE PAY CUTS”: (Christopher S. Rugaber, “Weak Recovery Leaves Most Laid-Off US Workers Struggling to Find New Jobs; Most Take Pay Cuts,” Associated Press, 8/24/2012)

ONLY 56% OF AMERICANS LAID OFF BETWEEN JAN. 2009 AND DEC. 2011 HAD FOUND JOBS BY START OF 2012: (Christopher S. Rugaber, “Weak Recovery Leaves Most Laid-Off US Workers Struggling to Find New Jobs; Most Take Pay Cuts,” Associated Press, 8/24/2012)

OVER HALF TOOK A PAY CUT, AND A THIRD TOOK A PAY CUT OF MORE THAN 20%: (Christopher S. Rugaber, “Weak Recovery Leaves Most Laid-Off US Workers Struggling to Find New Jobs; Most Take Pay Cuts,” Associated Press, 8/24/2012)

STUDY: U.S. INCOMES FELL MORE AFTER STIMULUS THAN DURING RECESSION: (Jeff Kearn, “U.S. Incomes Fell More in Recovery, Sentier Says,” Bloomberg, 8/23/2012)

“HALF OF HOMEOWNERS UNDER 40 ARE UNDERWATER”: (Ann Carrns, “Half of Homeowners Under 40 are Underwater,” The New York Times, 8/23/2012)

Under the Democrats’ failed policies, high unemployment and low economic growth have become a new normal and this could be how things remain for the foreseeable future:

“THE UNEMPLOYMENT RATE CLIMBED TO 8.3 PERCENT, WHILE THE BROADER U6 UNEMPLOYMENT RATE CLIMBED TO 15 PERCENT”: (Mamta Badkar, “David Rosenberg On The Jobs Report: ‘Nice Headline, Shame About The Details,’” Business Insider, 8/3/2012)

“IF THE LABOR FORCE PARTICIPATION RATE WAS THE SAME AS WHEN OBAMA TOOK OFFICE IN JANUARY 2009, THE UNEMPLOYMENT RATE WOULD BE 11.0%”: (James Pethokoukis, “July jobs report: America’s labor market depression continues,” American Enterprise Institute, 8/3/2012)

DEMS PROMISED UNEMPLOYMENT RATE WOULD BE AT 5.6% BY NOW IF WE PASSED THEIR STIMULUS: (James Pethokoukis, “July Jobs Report: America’s Labor Market Depression Continues,” American Enterprise Institute, 8/3/2012)

AP: “ECONOMIC RECOVERY IS THE WEAKEST SINCE WORLD WAR II”: “The recession that ended three years ago this summer has been followed by the feeblest economic recovery since the Great Depression. Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.” (Paul Wiseman, “Economic Recovery is the Weakest Since World War II,” Associated Press, 8/15/2012)

WALL STREET JOURNAL: “IT’S IMPORTANT TO UNDERSTAND HOW UNUSUAL THIS KIND OF WEAK RECOVERY IS”: “Deep recessions like the one from December 2007 to June 2009 are typically followed by stronger recoveries, as there is more lost ground to make up.” (Editorial, “The 1.5% Presidency,” The Wall Street Journal, 7/27/2012)

FEDERAL RESERVE: UNEMPLOYMENT TO “REMAIN ELEVATED FOR ANOTHER FIVE TO SIX YEARS”: “Federal Reserve officials agreed at a meeting in June that unemployment would remain elevated for another five to six years, but most did not regard that as a reason for the Fed to expand its efforts to stimulate growth, according to an official account published Wednesday.” (Binyamin Appelbaum, “Fed is Torn on Tipping Point for Action,” The New York Times, 7/11/2012)

CBS NEWS’ SCOTT PELLEY: “THIS IS THE WORST ECONOMIC RECOVERY AMERICA HAS EVER HAD.” (CBS Evening News With Scott Pelley, 7/17/12)

Americans are tired of Democrats doubling-down on failure, but that hasn’t stopped Democrats from continuing to prescribe more of the same:

FOX POLL: 46% SAY COUNTRY HAS CHANGED FOR THE WORSE IN THE LAST FOUR YEARS, ONLY 29% SAY FOR THE BETTER: (Dana Blanton, “Fox News Poll: Race for the White House Tightens,” Fox News, 8/24/2012)

MAJORITY OF VOTERS DISAPPROVE OF OBAMA’ HANDLING OF THE ECONOMY: “By 54-42 percent, more voters disapprove than approve of Obama’s handling of the economy.” (Dana Blanton, “Fox News Poll: Race for the White House Tightens,” Fox News, 8/24/2012)

NBC/WSJ: 54% DISAPPROVE OF OBAMA’S ECONOMIC RECORD, 61% SAY THINGS ARE ON THE WRONG TRACK: (NBC/WSJ Survey, August 2012)

AP POLL: 60% SAY THINGS ARE ON THE WRONG TRACK: (“The AP-GfK Poll,” Associated Press, August 2012)

65% RATE THE ECONOMY AS “POOR”: (“The AP-GfK Poll,” Associated Press, August 2012)

LA TIMES: “FOR OBAMA, IT’S RIGHT BACK TO TAXES AFTER JOBS REPORT”: (Michael A. Memoli, “For Obama, It’s Right Back to Taxes After Jobs Report,” Los Angeles Times, 8/3/2012)

Democrats’ War on the Middle Class Has No End in Sight http://ow.ly/df2Y6