Under BO, Only the Peasants Tighten Their Belts

[cwo_ghwebb]

For the first time in more than half a century, "the average American is both earning less and worth less than four years earlier," The New York Times reported last June. Total household net worth is nearly 7 percent below what it had been in 2007, the Federal Reserve estimated then. Per capita income in 2008 was $40,947. It rose to $41,560 in 2011 (1.5 percent). But because inflation rose more than that, purchasing power declined.

What have been hard times for most Americans have been boom times for the federal government. Since FY 2008, spending has risen 25 percent.

And good times for federal employees. Their pay and benefit packages averaged $126,141 in 2010, double the private sector average of $62,757, according to data collected by the Bureau of Economic Analysis. In 2000, federal employees received "only" 66 percent more in total compensation.

Through 2010 (the last year for which BEA has published data), the compensation of government workers continued to rise more than twice as fast as for workers in the private sector. This despite the fact they work nearly one month less per year, according to the Heritage Foundation.

/snip

The president's annual vacation in Hawaii cost taxpayers about $4 million, the Hawaii Reporter estimated. His golf outing with Tiger Woods last month cost more than $1 million, according to Jeff Sessions, the ranking Republican on the Senate Budget Committee. If the Obamas would forgo the vacation they're planning for Martha's Vineyard in August, that would save enough to keep the tours running.

"President Obama has spent far more lavishly on White House state dinners than previous chief executives, including nearly $1 million on a 2010 dinner for Mexico's president," the Washington Examiner reported.

Only the peasants must tighten their belts.

Read more: Under Obama's Rule, Only the Peasants Tighten Their Belts | RealClearPolitics

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Imagine that! Let them eat arugula (if you can afford it)!

 

[tommyjo]

Had a very nice reply to the fabrication that is above...lost it due to IE...so I will summarize.

First off...4 years ago was 2009 not 2007 (1st grade math...13-4=9)

Second: the net worth data is flat out wrong. Please see the Federal Reserve Flow of Funds report that came out on March 7th. It comes out quarterly. The net worth data is in chart B100 on page 113. FRB: Z.1 Release-- Flow of Funds Accounts of the United States, Release Dates

Third: The net income number is also wrong. To anyone who follows such data...it is readily apparent that the numbers used in your article are clearly wrong. The Census Bureau does per capita income data. Here: Historical Income Tables - People - U.S Census Bureau

Fourth: Federal Spending; according to the Treasury and CBO...spending in 2012 was 3538 vs 2983 in 2008...a difference of 18%. Much of that difference, again to anyone who follows such things, is easily attributable to automatic stabilizers that kick in during a recession as well as any stimulus spending added on top. We also have a massive demographic shift happening as Boomers start tapping Social Security and Medicare.

Fifth: Only the extremely uninformed use The Heritage Foundation as a source...they just make "stuff" up.

The article you posted is a farce...your first sentence says they use an article from LAST JUNE as their main reference point...but they never actually provide a link to it do they?

 

[Lurk]

Beware of Internet Explorer (does anybody knowledgeable about internet security actually use IE any more?) it's been infiltrated by the Tea Party which can negate an opposing argument with the touch of a button.

 

[mamatutu]

Beware of Internet Explorer (does anybody knowledgeable about internet security actually use IE any more?) it's been infiltrated by the Tea Party which can negate an opposing argument with the touch of a button.

Thank you for the belly laugh! Good way to end the day!

 

[dontknowwhy]

Had a very nice reply to the fabrication that is above...lost it due to IE...so I will summarize.

First off...4 years ago was 2009 not 2007 (1st grade math...13-4=9)

Second: the net worth data is flat out wrong. Please see the Federal Reserve Flow of Funds report that came out on March 7th. It comes out quarterly. The net worth data is in chart B100 on page 113. FRB: Z.1 Release-- Flow of Funds Accounts of the United States, Release Dates

Third: The net income number is also wrong. To anyone who follows such data...it is readily apparent that the numbers used in your article are clearly wrong. The Census Bureau does per capita income data. Here: Historical Income Tables - People - U.S Census Bureau

Fourth: Federal Spending; according to the Treasury and CBO...spending in 2012 was 3538 vs 2983 in 2008...a difference of 18%. Much of that difference, again to anyone who follows such things, is easily attributable to automatic stabilizers that kick in during a recession as well as any stimulus spending added on top. We also have a massive demographic shift happening as Boomers start tapping Social Security and Medicare.

Fifth: Only the extremely uninformed use The Heritage Foundation as a source...they just make "stuff" up.

The article you posted is a farce...your first sentence says they use an article from LAST JUNE as their main reference point...but they never actually provide a link to it do they?

Again...you fail at reading comprehension...
the article was written last june (2012)
the last year that was actually an income gain was 4 years ago (2008)
2012-2008 = 4 years
but instead of having AT LEAST the prosperity of 2008, we have ACTUALLY regressed to 2007 levels. does this make it clearer now tommy?

I'm going to skip 2,3,&4 and go right to 5 because it will de bunk the other 3...
the very LAST place I would turn to for Federal stats since 2008 is our federal gov't & their cooperating agencies. since this half breed got in the White House there has been no transparency, only lies that they wish to feed to ignorant sheep like yourself tommyho...hell, i'd trust the Harry Potter series to be more factual than anything that comes outta this administration...every time they get put to the fire on something (F&F, Benghazi, etc.etc.etc. & on & on & on)they appoint a commission of their own crooked cronies to "look" into it, so the results will ALWAYS come back with no wrongdoing on this crooked admin's part...
again, your arrogant, snarky attitude is what makes it so easy to rip your retarded logic apart son...

 

[abcxyz]

So the 20% doesn't even get them close to the private sector I see...

 

[bcp]

How do you spend 1 million dollars on one dinner for someone that thinks dogs are a staple to ones diet?

seriously, 1 million bucks for a dinner for a wetback? really? wonder how many hungry kids could have been fed with that much money.