Sherry Chandler » The myth and the reality
The myth and the reality
The Myths and Harsh Effects of Bush’s Economic Class War
The recession of 2001 never ended.
At least not for ordinary Americans.
Ordinary Americans found that their income was declining. From 2001 to 2007, median family income declined - depending on where you get your figures from - by somewhere between $500 and $1,000. Median individual income went down by at least $1,000.
The yearly average number of new private sector jobs created from 2001-2008 was just
369,000, not even keeping up with the growth in population. It should be compared to the average number of new private sector jobs created from ‘92 to 2,000: 1,760,000 per year.
The number of people in manufacturing jobs decreased by over 3 million.
The number who got health care at work went down, from 64.2 million to 59.7 million. The number of people without health care went up from 38.4 to 46.9 million.
The number of people in poverty increased from 31.6 million to 36.5 million.
The value of America’s businesses, at least as measured by the stock market, did not go up. An astonishing thing in what was called a boom. Meantime, the cost of living went up.
Home heating oil went up about 150 percent. Gas at the pump at least doubled. The cost of health insurance went up about 50 percent. The cost of college went up about 30 percent. Now food is going up. How can the myth and the reality be so different?
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