1. Welcome to Baptist Board, a friendly forum to discuss the Baptist Faith in a friendly surrounding.

    Your voice is missing! You will need to register to get access to all the features that our community has to offer.

    We hope to see you as a part of our community soon and God Bless!

U.S. Incomes Fell More in Recovery than During Great Recession

Discussion in 'News & Current Events' started by InTheLight, Aug 23, 2012.

Top Posters
  1. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Joined:
    Dec 17, 2010
    Messages:
    24,988
    Likes Received:
    2,268
    Faith:
    Baptist
    American incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression, according an analysis of U.S. Census Bureau data by Sentier Research LLC.

    Median household income fell 4.8 percent on an inflation- adjusted basis since the recession ended in June 2009, more than the 2.6 percent drop during the 18-month contraction, the research firm’s Gordon Green and John Coder wrote in a report today.

    “Almost every group is worse off than it was three years ago, and some groups had very large declines in income,” Green, who previously directed work on the Census Bureau’s income and poverty statistics program, said in a phone interview today. “We’re in an unprecedented period of economic stagnation.”

    Also the average duration of unemployment reached a record 41 weeks last November and remains at 39 weeks.

    http://www.bloomberg.com/news/2012-08-23/u-s-incomes-feel-more-in-recovery-sentier-says.html
     
    #1 InTheLight, Aug 23, 2012
  2. poncho

    poncho Well-Known Member

    Joined:
    Mar 30, 2004
    Messages:
    19,657
    Likes Received:
    128
    You were expecting better news maybe?

    Hey, borrow and spend doesn't work while you're shipping jobs overseas and lowering workers wages here, to "compete" in the global market. The whole point of globalization is harmonization.

    The global elite can't bring the living standards of third world countries up to first world standards so they'll bring third world standards to everyone, except themselves of course.

    Welcome to the global economy. Hope you have a soft landing.
     
    #2 poncho, Aug 23, 2012
    Last edited by a moderator: Aug 23, 2012
  3. saturneptune

    saturneptune New Member

    Joined:
    Jan 16, 2006
    Messages:
    13,977
    Likes Received:
    2
    It is ironic that home mortgage rates are at historic lows and houses are not selling.
     
    #3 saturneptune, Aug 23, 2012
  4. targus

    targus New Member

    Joined:
    Feb 10, 2008
    Messages:
    8,459
    Likes Received:
    0
    Lowering interest rates during an economic slow down is a good way of stimulating the economy.

    Unfortunately the Obama policies in the areas of jobs, energy, business regulations, etc. are too much for lower interest rates to overcome.

    Who wants to borrow money at even near 0% interest if there is no income to pay it back?
     
    #4 targus, Aug 24, 2012
    Last edited by a moderator: Aug 24, 2012
  5. LadyEagle

    LadyEagle <b>Moderator</b> <img src =/israel.gif>

    Joined:
    Feb 7, 2002
    Messages:
    22,028
    Likes Received:
    1
    And our homes have lost value, some people being under water.

    Banks are not lending because of Dodd-Frank.

    Small businesses are having trouble meeting payroll because of this - many small businesses borrow short-term to meet payroll until their own receivables come in. Some businesses who do not need to do this are not expanding and are holding onto their cash waiting until they see the results of the election and whether or not obamacare will be repealed.

    People whose unemployment benefits have run out are seeking and getting onto Social Security Disability.

    If obama is re-elected, expect things to get much, much worse than they are now.
     
    #5 LadyEagle, Aug 24, 2012
  6. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Joined:
    Dec 17, 2010
    Messages:
    24,988
    Likes Received:
    2,268
    Faith:
    Baptist
    I can accept houses not selling but I'm surprised that refinancing isn't going through the roof. Unless most people have already refinanced. We did it in May 2011 at 4.25%, which was the lowest (at the time) in 40 years. Now it's at 3.25% or so.

    Kind of tempted to refi take some extra cash out and then invest that 3.25% money in a high quality bond fund. One could easily make 6.5% to 7% on money you acquired for 3.25%
     
    #6 InTheLight, Aug 24, 2012
    Last edited by a moderator: Aug 24, 2012
  7. billwald

    billwald New Member

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    2
    >Lowering interest rates during an economic slow down is a good way of stimulating the economy.

    Then the banks should use their zero cost loans from the government to lower credit card interest.
     
    #7 billwald, Aug 24, 2012
  8. targus

    targus New Member

    Joined:
    Feb 10, 2008
    Messages:
    8,459
    Likes Received:
    0
    Just pay your credit card in full each month and you won't pay any interest at all.

    If you can't pay off your credit card in full each month don't use it.

    The banks should give back the zero cost loans to the government because we the financially responsible taxpayers can't and don't want to pay the interest for a spendaholic government.
     
    #8 targus, Aug 24, 2012
(You must log in or sign up to post here.)
Loading...