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.