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Home » News » Business

Wednesday, August 27, 2008

Household incomes flat during Bush era

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RDH

Statistics are skewed by two things. The first and most important being the inflation we have had, which is primarily due to the increase in energy costs, especially fuel, and the increase in the minimum wage. With Democrats doing all they can to keep gasoline prices as high as possible, we get inflation throughout the economy since everything we do requires energy. We also had the huge increase in the minimum wage this Democratic Congress passed. That has led to more inflation and unemployment, especially among teens. Note this is household income and not personal income so unemployed teens this year contribute nothing whereas previsously they did contribute to the numbers. The fact that we did not hear this the until this year highlights the fact that inflation is what makes the numbers "news". The second factor is the continued illegal immigration that brings down wages. The census bureau includes households that have illegals. Thanks to the beginning of enforement in the workplace more illegals have a hard time getting a job and their household income suffers. Also note that the report (or this report of the report) does not mention disposable income. That avoids comparing Clinton numbers when taxes were higher to numbers under Bush, which benefit from his tax cuts. I care more about what I have after taxes. And I care about what Obama or McCain would do about increasing production of our oil and gas resources in order to bring the costs of fuel under control (and hence inflation too). I put more faith in drilling than inflating (tires) when it comes to that.
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