Bloomberg brings us this story that confirms more bad news for Americans trying to hold back the disaster of the Obama administration’s economic catastrophe. Median incomes for people across the nation are collapsing and poverty is rising at an alarming rate.
Tone deaf democrats are claiming that the porkulous bill just wasn’t wasteful enough, but the reality here is that for incomes to go up and the poverty rate to fall requires jobs for Americans. And The Obama-Fuhrer continues to attack American businesses on all fronts while frantically trying to spend and borrow more money and pass as many regulations as possible. If there were anything that could harm the economy more and drive us faster to the cliff, I don’t know what it would be.
Meanwhile I expect that the Obama’s are planning their next fancy vacation at taxpayer expense.
Let them eat cake!
“The distress the consumers are feeling now is historic in its scope,” said Mark Cole, chief operating officer at CredAbility, a provider of non-profit credit counseling.
An index that tracks the financial condition of the average household published by Atlanta-based CredAbility hit a low in the fourth quarter of 2009. Out of the 31 years CredAbility has measured consumer distress, the worst rankings have occurred in the last 13 quarters.
The number of Americans who didn’t work at least one week out of the year increased to 86 million from 83 million in 2009, said Trudi Renwick, chief of the Census Bureau’s poverty statistics branch. If unemployment insurance benefits were excluded from income, 3.2 million more Americans would have been in poverty, the Census Bureau said.
