The federal government confirmed today that household income in the USA fell last year significantly. Median household income is now down 6.5% since the year before president Obama took office and it has been continuing to fall even during the so called "recovery". Those who are worst hit by this drop in income are households headed by an African American. Incomes for households headed by whites were also lower, but not by as much as the ones headed by blacks.
What does this mean? The simple answer is that over the Obama years things have gotten markedly worse for the average American. Only faster economic growth with resulting wage increases can remedy this problem. Simply put, you can't raise income without raising wages. The Obama economy has been designed to help those at the top of the income ladder, but it has abandoned those in the middle and the bottom. It is no wonder that income inequality has become such a problem; in Obama's world, the rich get richer while everyone else just gets poorer.
What does this mean? The simple answer is that over the Obama years things have gotten markedly worse for the average American. Only faster economic growth with resulting wage increases can remedy this problem. Simply put, you can't raise income without raising wages. The Obama economy has been designed to help those at the top of the income ladder, but it has abandoned those in the middle and the bottom. It is no wonder that income inequality has become such a problem; in Obama's world, the rich get richer while everyone else just gets poorer.
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