Remember in 2009, right after coming into office, President Obama and his top aides swore they would “focus like a laser” on jobs?
Sadly, it turns out that Obama apparently learned to use that laser at the Imperial Stormtrooper School of Marksmanship.
After five years of Obama, U.S. jobs today are paying 23% less than they were paying before the 2008 recession.
While Americans have been told repeatedly that we were in an economic rebound, most of us realized long ago that such talk was only talk, with nothing substantial to back it up. In fact, many Americans still feel the actual economy — as measured by the amount of money left in our wallets after going to the grocery store or filling up the car — is getting progressively worse.
The new report released Monday by the United States Conference of Mayors shows that jobs lost in the recession, which began before Obama won office, paid an average of $61,637 per year. Today, jobs in those same sectors pay an average of $47,171.
Altogether, that adds up to some $93 billion in lost wages, according to the report.
And this recession is worse than the one before it in 2001-2002 — remember the one that was caused by an act of war that took out a big chunk of our financial sector?
You can guess what made the difference, although the report seems to avoid addressing the issue. In fact, the Mayors Conference, despite its own report, seems to be enthusiastically supporting the Obama agenda, spouting about “income inequality” and Washington gridlock.
The report actually talks about the economy “gathering steam” and seems to back it up with figures predicting that the median income will grow 2.5% this year and 3.8% from 2015-2017.
But the fuzzy talk is belied by the facts of inflation, which has caused the average household to effectively lose 3% of its income in 2005-2012, and the median income to plunge 5.5%.
Trimming the left-wing fat from the report, what’s really being said is that the fruits of the Obama economy are lower pay in fewer jobs, while the upper middle class struggles to stay above inflation and the truly wealthy, as always, fatten their bank accounts.
The mayors go on to prattle about the need to fight income inequality, etc. ad nauseum, when what is really needed is a government that gets out of the way of free markets by decreasing regulations and taxes so that businesses return to the United States.
Obama didn’t cause the recession. That honor goes to congressional Democrats and RINOs who encouraged banks to give loans to people who couldn’t repay them, bursting the housing bubble.
However, his “stimulus” packages, Obamacare, private company bailouts, bum investments in “green” energy and a hundred other policies have dragged out the recession. When he was running for office, Obama talked about “spreading the wealth around.” All he’s really managed to spread around is the pain.