"You're Doing a Heck of a Job" GOP Tells Bush Whitehouse
Many families were struggling in the aftermath of the 2001 recession and the bursting of the stock market bubble in 2000, the Fed's latest "Survey of Consumer Finances" showed. The comprehensive look at household balance sheets comes every three years.
Average family incomes, after adjusting for inflation, fell to $70,700 in 2004, a drop of 2.3 percent when compared with 2001. That was the weakest showing since a decline of 11.3 percent from 1989 to 1992, a period that also covered a recession.
Additional Report from Seatle Times
4 comments:
Nice post Dr. Watchdog Watcher. We must be two wild and clever guys to be posting the same thing at the same time.
If I'm remembering my history correctly, it the Republicans who lead us into Depressions and Democrats who lead us out. Of course, then the Republicans take credit for the climb out of Depressions saying they set the Democrats up for success.
Herr Dr. JPN,
I wholeheartedly concur with your overly simplistic yet highly accurate analysis of Republican administrations' uncanny ability to ruin the economy, especially for the working class.
You know what's really amazing is how easy it is to predict the consequences of Republican economic vodoo, regardless of the of the decade or the name and rational argument they make for it. The results are allows the same. The little guy and middle class get screwed. You think people just might wise up? Nahhhh.
The song big dollar wealth creators will be singing during the next recession -- as they count their ill gotten gains and the rest of us 99-percenters wonder where the money and economy went -- goes like this:
I was in the right place
And it was the right
For political pocket picking
And white collar crime...
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