NYT: Obamanomics Hurts Baby Boomers, Youth, Blacks Most
According to the New York Times, the years of the Obama presidency have been economically devastating for all age groups, but two groups have been hit the hardest: those Americans ages 55-64 who are nearing retirement and those young people ages 25-34 just joining the work force.
A new report from Sentier Research states that the median household income for all Americans was 4.8% lower in June 2012 than it was June 2009, down to $50,964 from $53,508. But for the 55-64 age group, the decline was far more severe: their incomes have dropped to $55,748 from $61,716, a whopping 9.7%. And the 25-34 age group wasn’t far behind; they plummeted 8.9%. Even the under-25-age group suffered greatly; their incomes fell 6.1%.
Every age group saw their income nosedive except those over 65; the 65-74 age group’s income rose 6.5%, and those over 74 saw a modest 2.8% increase. But this makes sense because, in a ravaged economy, people are working longer in order to try to squirrel money away. It’s no accident that the 65-74 group did far better than the 74 and overs; by the time workers reach the age of 74, a regular work schedule can be too daunting.
Obama economics hurt his most loyal constituency the hardest. The median annual household income for blacks fell 11.1% compared to 5.2% for whites and 4.1% for Hispanics.
So now the New York Times can use this headline: Obama Economics Fails: Blacks, baby boomers and youth hit hardest.