Less than one week after Obama boasted about America’s “booming” economy, a new report reveals the real details behind his so-called economic recovery.
The U.S. Conference of Mayors released a report entitled, “U.S. Metro Economies.” A large portion of the group’s members are Democratic mayors, and they are, naturally, ardent supporters of Obama and his economic agenda.
The report’s summary stated that a ” wage gap of 23%” exists, and that lost manufacturing and construction jobs in metropolitan areas paid almost $62,000 per year, while the new hospitality, health-care and administrative jobs pay only $47,000 a year.
The wage gap, the report surmises, is “significantly larger than that of the earlier recession and recovery (2000-2006), and implies $93 billion in lower wage income.”
“Over the past four and a half years, we’ve fought our way back from the worst recession of our lifetimes and begun to lay a foundation for stronger, more durable economic growth,” Obama said last week at a White House press briefing. Citing his administration’s so-called successes, Obama mentioned “a record stock market,” “record corporate profits,” “52 straight months of consecutive job growth,” and “an energy sector that’s booming,” according to CNBC.
However, Obama’s words don’t match the facts.
The report also said that lower-wage drops have resulted in depressed average household incomes, which are down to $51,000, the lowest since 1995.
That is not “booming;” that’s bombing.
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