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Census Data Confirms: There Was No Economic Recovery Unless You Were Already Rich
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
This is the perfect note for a post-Fed day, where once again America’s Banana Republic central planning statists were too petrified to raise interest rates. The Fed has now missed the entire economic cycle without raising rates once. All you can do now is sit back, relax and wait for all hell to break loose.
Recently released data from the Census Bureau is nothing short of devastating to anyone who has been pushing the absurd meme of a strong U.S. economy.
There is simply no way one can look at this data and not conclude that the last seven years has been nothing more than an upward redistribution of wealth crafted by the Federal Reserve. As I’ve said many, many times before, central bankers should be tried for crimes against humanity for what they have done.
From Bloomberg:
U.S. Census Bureau data out Wednesday underscore just how lousy the recovery has been if you aren’t rich.
Looking at eight groups of household income selected by Census, only those whose incomes are already high to begin with have seen improvement since 2006, the last full year of expansion before the recession. Households at the 95th and 90th percentiles had larger earnings through 2014, the latest year for which data are available.
Want to see a chart of how bad this really is? Here you go:
Income for all others was below 2006 levels, indicating they’re still clawing their way out of the hole caused by the deepest recession in the post-World War II era.
Median household income is 6.5 percent lower than in 2007, the year the recession started.
So this is now what we call a “recovery”?
Overall, median income was $53,657 in 2014, not a statistically significant difference on an inflation-adjusted basis from 2013’s median of $54,462. It’s the third straight year that there’s been no significant change, after two consecutive years of annual declines.
That’s happened even though the labor market has posted steady progress.
Meanwhile, the official poverty rate was 14.8 percent, with some 46.7 million people in poverty—both little changed from 2013. The rate is 2.3 percentage points higher than it was in 2007.
If you believe this translates into an “economic recovery,” you will literally believe anything.
I haven’t been calling this the “Oligarch Recovery” for nothing.
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I will believe anything! I voted for Bush and Obama 2x!
In each election or combined? If you did the latter, you're doing it wrong.
Signed,
Chicago
"Census Data Confirms: There Was No Economic Recovery Unless You Were Already Rich"
In other words, those low-info democrats that yammer about republicans being the party of the rich haven't got a leg to stand on.
They don't, but I've been dropping charts on one of them for a week and he's still convinced that it's a good thing we gave unlimited free money to the banks that were the definition of evil 8 years ago.
I feel like I'm taking crazy pills.
You're wasting your time. They will always see it as them against you. You have to approach it in Socratic method way. Have a discussion and ask questions by playing the absent minded professor. for instance "I thought things were going ok, but then I saw the recent consensus data and I am wondering why their information is different from my perception. Maybe I am mistaken" then shut the fuk up and let them critically think about it. If they want to bullshit you and lie to you then that's their business and you are dealing with an asswipe, but if they truly want to figure it out, they will be intrigued and try to find an answer to your question.
End the fed before the fed ends U.S.!
Reminds me of arguing with my mother-in-law during the run up to the (2nd) Iraq War. She still thinks it was a great idea.
I fucking hear ya! But I've given up. Fuckem!! Maybe Darwin was right.
It's like my colleague said the other day...nobody wants to hear they have to eat their broccoli. They only want to hear about candy and sweets coming there way. Even if their fucking teeth were rotting. They world want more of the same. I'm beginning to realize that the CBs aren't the problem, we....we are the problem. Weve become entirely dependent on central authorities and we prefer this state of mind over any other.
It's over folks. ....let's go home.
I can still afford boiled rope
The problem with government numbers is that they're government numbers.
Their raw data is solid, but after being run through their magic sausage grinder a few times with lots of fillers and MSG you have official goverment hot dogs. The real numbers say that we've been in a depression a long time........
The poverty rate when the great society welfare programs were started was 15%. 50+ years later and $28 Trillion redistributed by the feds, and the poverty rate is still 15%.
Government is not the solution, it is often the cause of most of the problems this country has today...
Ten scariest words: I am from the government, I'm here to help you.
This gives the term 'society of entitlement' a whole new meaning.
Forget the minimum wage, perhaps we should start talking about a maximum wage. *inserts tongue into cheek*
I wonder who the first trillionaire will be. Won't be long now.
Planet Rothschild we already have one trillionaire
I should have written "...the first official trillionaire..."
lol
Probably a few out there.
There are people that want to be on the Forbes richest lists,and those that don't.
Lots of billionaires don't want to be , so aren't.Trillionaires wouldn't want to be known either.
for those who control currencies, the concept of "trillionaire" is a non-sequitur
better off discussing who can amass X amount of gold
No sh sherlock... Some body amassing the gold fur sure, notice no spot. Someones got a big safe hidden, can they find it the zombies.
ROTFLMAO!!! I retired...kept the money and said "hasta la vista"!!
u for got BABY ar vote independent Vote for BABYAR! who
vote for more democrats and it will go lower
I'm shocked! I thought TRICKLE-NOMICS worked. The poor sure benefitted from all that QE, to help kick-start the economy.
Well if your in the dependent class your doing pretty good......
http://cimg3.ibsrv.net/gimg/mustangforums.com-vbulletin/527x422/80-1201l...
Tricklenomics does work...but only if you're into golden showers
can they put this against a chart of beef and egg prices
the rich get richer because they have more capital in the first place.
Add to this a situation where large banks get cheap fiat, turn around, and buy US treasuries/taxpayer IOUs - instantly getting a 500% {or whatever} return courtesy of the private federal reserve and its Euro-bankster owners.
When even kids can't run a lemonade stand because it's illegal without a permit you know that poverty is not a natural economic phenomon, it's a social policy, which works by stripping away the right for one to better his condition under the disguise of different reforms and regulations. There will be no recovery til the rights to produce are reclaimed.
If laws were restricting anything, all the Banksters in the US would be in jail.
Laws do not affect anything as long as you are above the 95%.
IE: To paraphrase Chase CEO: "Laws don't affect you unless you are not rich enough"
Most people can't understand what "rich" is anymore...now it's not just "banksters".
It's your neighbours in the technical/managerial, resource or government sectors. You know, the ones who never suffered job losses in 2008-2009. The ones who never have to look for work. The ones with all the expensive toys. The big consumers. The ones whose jobs are protected by government.
The ones who think this is a "recovery" and can't understand all the gloom in the real world...
In the 1930's if you had a job you didn't have a Great Depression. Same as today.
These people with their Ivory Tower secure jobs are part of the problem. They create inertia and stop change.
No shit
yellen said it yesterday, concerned about high parttime under employeed as well as international instability. Well this fact that the botton 90% isn't recovering pretty much means there won't be a rate hike anytime soon. technology putting more and more people out of work will also ensure overall employment will improve.
Can anyone tell me what the income level is that begins at 90%? We have 90, 000 dollar+ public safety civil servants in my humble working class community that I believe may approach that percentage. Anyone with a link, because I can't find anything?
WHAT THE TOP 1%, 5%, 10%, 25% and 50% MAKE IN AMERICA
Based on the Internal Revenue Service’s 2010-2014 database below, here’s how much the top Americans make:
Top 1%: $380,354
Top 5%: $159,619
Top 10%: $113,799
Top 25%: $67,280
Top 50%: >$33,048
- See more at: http://www.financialsamurai.com/how-much-money-do-the-top-income-earners-make-percent/#sthash.MXETqah6.dpuf
Yeah it is like England or English Colonies.
The people in Management and government are all linked together to keep the system status quo.
You need your job, so you avoid making trouble, you keep your mouth shut, you never become a whistleblower.
Your Debt becomes you shackles. You do all for the family you have to keep them healthy, happy, educated, and provide a possible future for them including a career in corporations or government.
- Populist Movements
- Shaking up the System
- Teaching History or Philosophy
- Labor Movements
- Labor Strikes
- Organizing Labor
- Anti-War Activity
- Anti-Banking Protests
- Anti-Globalism
- Anti-Lobbying, Anti-Money in Politics
This is dangerous stuff.
JR, thank you, sir, for the information. That would put our public safety servants at around 18%. Their pension program provides 3% compounding annual increases. The retirees do very well at 50% of final salary for 20 years service and 75% for 30. If they were a private sector union, the 9.91% personal pension contribution would have been increased long ago. My trades union contracts always allocated the money to where it was needed. If we would sign a 3 year contract, for example, the increase would be allocated to where it was needed. 2 dollars an hour per year(for example) didn't go on the paycheck unless the pension fund was flush and the insurance fund was in the black. Beginning in 2011, my union deducted $6.40 an hour from the paycheck to shore up our defined benefit pension plan. Over the years, the contracts were always apportioned according to the needs. Our police and fire union members and brass pay a straight 9.91% even though their pension fund is funded at only 45%. This is the dilemma that most municipalities face in Illinois, with the constitutional guarantee that was added in our 1970 constitutional convention that states: these pensions cannot be impaired or diminished in any way. The other side of the coin meant that our state legislators could continually enhance those pension provisions for the corresponding campaign donations and be within the law.
So this is individual income... I wonder how families figure into this chart. Would a married couple making $160 k + be in the top 5%?
Correspondingly, the rising income share of the top 3 percent mirrors the declining income share of the bottom 90 percent of the distribution, which fell to 52.7 percent in 2013.
Your answer is in here somewhere. Try page 10 to get a taste of how disgusting these people really are; they know what is going on and have a forked tongue, like a politician less Ben Carson.
http://www.federalreserve.gov/pubs/bulletin/2014/pdf/scf14.pdf (PDF document website)
Trickle down economics, Obama style. LOL
Don't worry President Bush III will fix everything.
Central Bankers look after one type; their own and we are not them. The FEDS own economic data between 2010 and 2013 showed the top 3% benefited from QE & ZIRP while the bottom 90%, yes 90%, were disproportionate in the downward direction. I do not have the link on this particular computer, but trust me because I am not one of them. In their own writing, they are implementing plans to help the "Too Important To Fail" (Systemically type) around the world with cooperation from governments support (called public support). So these people take our labor and gamble, enrich themselves, and tell us it is our fault. Another reason it is GREAT to be part of the Kingdom of God and not the "kingdom of Satan" & you belong to one or the other; make no mistake. If you cannot see two forces, that of good and evil working all around you and in your own lives, then a banker has more hope than you do.
What do you think will happen when Obamacare goes up by double digits this year, in some states as much s 23%? I know we are cutting back on the Holidays this year by at least 35% because we have to.
I am not sure why this article is being posted. Most zerohedge readers are Republitards who believe in trickle down economics and support the Federal Reserve's policies to favor the oligarchy.
I bet 100 oz of silver that fewer than a third of ZH readers are republitards, whatever those are.
You haven't been reading many of the comments then. Most zerohedgers are Donald Trump fanatics as well as faithful adherents to the philosophies espoused on sites like www.stormfront.org. In other words, Republitards.
ZH'ers
There is a difference between a Republican and a Democrat - VOTE UP
There is no difference, the results are always the same - VOTE DOWN
I came to this site looking for alternative interpretations and explanations to help me plan my next investment phase after having sold out of everything with a HUGE profit from riding the QE elevator up- thank you FED :-))
I grew up very poor, ie with literally NOTHING, not even parents. Life was a daily struggle, not just to earn income to pay living expenses, but also to keep what little I earned from being stolen by the coercive socialist collectivist redistribution authorities under the euphemism of "taxes". It is literally true that the government, more accurately, the politicians, held me down and impoverished me in spite of my super-human efforts to pull myself up.
Eventually I joined others struggling and aspiring for financial prosperity and freedom, and after a long succession of creating products, services, and businesses, I achieved my goal.
So in my life I have covered the full distance from nothingness poor to financial independence, from hourly minimum-wage employee, to salaried employee, to co-founder with equity and stock options, to investor living off invested savings.
With this as preface, I can tell you with ABSOLUTE CERTAINTY, that if you do not pull yourself up above being just an employee earning wages, hourly or salaried, and become a successful business owner-operator (solo or jointly with others), then you will NEVER attain financial freedom and independence, and you will ALWAYS have your earnings ruthlessly plundered by the politicians every paycheck, so they can use the loot to buy votes with entitlement programs so they can stay in office/power, and you will live with constant insecurity and instability.
The only people in the developed countries, now ALL heavily socialist and loaded down with huge entitlement programs, who prosper and have financial security and stability are the people who have earned and saved sufficient capital and the people/parasites who have earned little or nothing but live on the entitlement programs.
Good thing you were not born in Yemen or Syria or the Congo; I'm sure your story would be quite different. What have you received that you were not already given? Think hard about that in light of the previous sentence. Good luck in all that you do. Your story about the reason for being here doesn't fly well; like a bird without wings.
"held me down and impoverished me in spite of my super-human efforts to pull myself up". Is that you Barry?
The payroll taxes on employees is what sucks the prosperity and options out of their lives - that is what the payroll taxes did to me as I was struggling to pay living expenses AND save enough to invest in myself (education and training) and my start-up businesses.
Most middle-class wage earners earn enough to pay for all their living expenses AND save for retirement, IF it were not for the payroll taxes impoverishing them and pushing their net income down into the lower class. And more than 60% of government spending in the USA is for entitlement programs, even higher in Europe where I also lived and worked, so wage earners are working MORE to support the entitlement system than to support themselves and their families.
Another issue is what people are willing to sacrifice and endure to become more financially independent. For example, in my first start-up company I was so consumed by the demands on my time that I could not afford to leave the building and had so little money I could not afford a separate place to live, so I lived in the office, I made a makeshift shower in the office restroom by hanging a circular curtain over the floor drain, and I slept in a sleeping bag on the floor under my desk with my dog for a year.
How many people are willing to do that ?
AND
After I made and endured those and many other sacrifices, why should my earnings from my successful businesses be confiscated by politicians to use to buy the votes of entitlement parasites who did not make and endure such sacrifices ?
Sounds like your super-human skills would have been better utilized in learning to live of the land and in a cave, then the problems you have would not exist...right? No disrespect really intended, but as my spouse says "sometimes you just have to accept people for who they think they are".
I pulled myself up ABOVE the problems that I described, rather than letting the politicians force me to live in misery and poverty. Now I have no worries about security and I can do whatever I want, buy whatever I want. Very much better than just surviving in a cave.
I told my story to suggest that the many people commenting here complaining about the successful people should make the effort to join them, as I did, instead of just whining like children.
Try page 10 to get a taste of how disgusting these people really are; they know what is going on and have a forked tongue, like a politician less Ben Carson.http://www.federalreserve.gov/pubs/bulletin/2014/pdf/scf14.pdf (PDF document website)
I have a pet theory that money attracts more money.
Every time I get rolling and start to do well, jobs and offers and free stuff comes rolling in.
Hit a dry spell, and it is a cold, hard wall of poverty that dynamite couldn't blast through. It's weird. It's esoterica, but it seems to hold true.
The rich folks are money magnets, poor folks can hardly draw flies.
Same if you buy a hotel. As soon as the Bed Fill Rate goes above say 38% a year, someone has counted cars in your parking lot or the bank sells the info... and a new hotel is built close buy to compete.
So by the time you have a 40% Bed Fill Rate and a following good year... it is all over.
Jeb's tax cuts should solve everything.
Remove more regulation so banks can freely steal.
No mention of trade imbalances.
Same old GOP bullshit.
ZH'ers
There is a difference between a Republican and a Democrat - VOTE UP
There is no difference, the results are always the same - VOTE DOWN
This IS what a crony-capitalist Keynesian Socialist Economy looks like. This is what Europe has looked like for 40 years. Forward toward mediocrity in the Idiocracy!
Headline correction:
"There is no economic recovery unless you were already rich"