The latest release from the Bureau of Labor Statistics (BLS) notes that the nation’s labor participation rate remained at 62.7%, a devastatingly low level not seen since 1978.
A 2015 Analysis by Investors.com “After six-plus years of President Obama’s big-spending, tax-raising policies, middle-class families have seen their incomes decline and more families have fallen into poverty, Census data show… Median family income dropped slightly to $53,657, down from the year before. Every income group suffered losses, with the lowest fifth of households dropping close to 1%. The overall poverty number barely budged. But it climbed by almost 600,000 among blacks in 2014, more than half of whom were under age 18. From 2009 to 2014, real median household income dropped by more than $1,000 — or 2.3% — to $53,657. (And that decline would likely have been steeper if not for a 2013 change in the way the Census does its annual survey.)
Also in 2015, Zerohedge listed a number of factors indicating the plight of the middle class. Among the most important:
- In 2008, the total number of business closures exceeded the total number of businesses being created for the first time ever, and that has continued to happen every single yearsince then.
- In 2008, 53 percent of all Americans considered themselves to be “middle class”. But by 2014, only 44 percentof all Americans still considered themselves to be “middle class”.
- In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be “lower class”. But in 2014, an astounding 49 percentof all Americans in that age range considered themselves to be “lower class”.
- Traditionally, owning a home has been one of the key indicators that you belong to the middle class. So what does the fact that the rate of homeownership in America has been falling for seven years in a rowsay about the Obama years?
- While Barack Obama has been in the White House, the average duration of unemployment in the United States has risen from8 weeks to 32.8 weeks.
- It is hard to believe, but an astounding53 percent of all American workers make less than $30,000 a year.
- While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to46 million.
- Ten years ago, the number of women in the U.S. that had full-time jobs outnumbered the number of women in the U.S. on food stamps by more than a 2 to 1 margin. But now the number of women in the U.S. on food stampsactually exceeds the number of women that have full-time jobs.
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CNS report released in June notes that “for ordinary people, what probably matters most is household income. And if you look at the median household income numbers for the United States, Obamanomics is a failure. According to the Census Bureau’s latest numbers, the average family today has less income (after adjusting for inflation) than when Obama took office.
The American Enterprise Institute studied the problem in its report, “The Obama Economy and the Shrinking Middle Class.” It noted how the poverty rate has increased: “the number of Americans living in poverty has increased by nearly 7 million during the Obama presidency, and the poverty rate went from 13.2 in 2009 percent to 14.8 percent last year. Further, the number of blacks living in poverty increased by nearly 1.4 million during Obama’s time in office, and the black poverty rate was higher in 2011 at 27.6% than any time since the mid-1990s before falling slightly to 26.2% in 2014. More data: the number of Americans on disability reached a record high during Obama’s second term, with an increase of 1.5 million disabled since Obama took office. There’s also be an increase in income inequality during Obama’s time in office, so there doesn’t seem to be a lot of empirical evidence to suggest that America’s middle and working class have seen an improvement in their economic well-being during Obama’s leadership.”