Under Obama, Poor, Middle Class Incomes Fall Sharply
By JOHN MERLINE, INVESTOR’S BUSINESS DAILY
Posted 08:05 AM ET
Despite repeated promises that he would build prosperity from the bottom up, President Obama has presided over three years of income losses for the middle class, according to the latest household income data from the Census Bureau.
Since 2009, the middle 20% of American households saw their average incomes drop 4%. In 2011 alone, they fell 1.7%. The poorest 20% have fared even worse under Obama, Census data show. Their incomes have dropped more than 7% since 2009, and are now lower than they’ve been at any time since 1985, after adjusting for inflation.
Meanwhile, the wealthiest have managed to eke out gains in two of the past three years. In 2011, the top 20% saw their average income climb almost 2%, the Census data show.
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