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Middle Class Incomes Have Fallen More than 5 Percent during the “Obama Recovery”
It is time to focus on fixing the economy, and that starts with tax reform
The Obama Administration once promised that, “A well designed recovery plan will not only create numerous jobs, but also many jobs paying good wages and providing full-time employment.” (Administration’s January 10, 2009 Romer-Bernstein Report on its economic stimulus plan, officially titled “The Job Impact of the American Recovery and Reinvestment Plan”)
The actual result? Well, middle-class families have seen just the opposite – falling income. In fact, median household income is down nearly $3,000 during the “Obama Recovery.” The President may have campaigned on raising taxes on the wealthy, but it turns out average families are paying too under this Administration.
Median Household Income during “Obama Recovery” (6/2009-3/2013):
“The March 2013 median annual household income of $51,320 was 5.4 percent lower than the median of $54,275 in June 2009, the end of the recent recession and beginning of the ‘economic recovery.’” (Sentier Research, “Household Income Trends: March 2013,” April 24, 2013)