On every major measurement, the Census Bureau report shows that the country lost ground during Bush’s two terms. While Bush was in office, the median household income declined, poverty increased, childhood poverty increased even more, and the number of Americans without health insurance spiked. By contrast, the country’s condition improved on each of those measures during Bill Clinton’s two terms, often substantially.[...]When Bill Clinton left office after 2000, the median income-the income line around which half of households come in above, and half fall below-stood at $52,500 (measured in inflation-adjusted 2008 dollars). When Bush left office after 2008, the median income had fallen to $50,303. That’s a decline of 4.2 per cent.
The Center on Budget and Policy Priorities studied the data, concluding:
Two-thirds of the nation’s total income gains from 2002 to 2007 flowed to the top 1 percent of U.S. households, and that top 1 percent held a larger share of income in 2007 than at any time since 1928
Meanwhile, the Wall Street Journal reports that America’s income gap is closing as the nation’s wealthiest people lose money in the downturn. What it all adds up to is zero prosperity created by the Bush tax cuts, and lots of pretend-wealth destroyed by lax regulation. And the message carried by the teabaggers was perfectly encapsulated by Michael Steele:
At town hall meetings, Tea Party protests, and countless other gatherings of concerned patriots, Americans are saying enough is enough. Enough taxes. Enough spending. Enough debt. Enough entitlement. And enough arrogance. Enough.
Republicans have zero credibility on how to stimulate the economy. Their only prescription is more of the same failure. Isn’t that the definition of insanity?
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