Labor Department Exposes Obama's
Outrageous Lie on Economy
Feb. 4, 2014 (EIRNS)On Feb. 3, In another measure of the impoverishment of the U.S. population living under Barack Obama's "recovery," the Labor Department reported that Americans' real disposable personal income fell by 2.7% in 2013. The drop in 2013 was the largest drop since 1974. And yet, President Barack Obama, in his State of the Union and other speeches, continues to declare that the economy is in "recovery!"
Personal income has fallen in only half a dozen years since 1970. The last time was in 2009.
Total U.S. household savings dropped by more than $50 billion (about 10%) in 2013, as households tried to maintain their consumption of goods and services and not to let it drop further.
But what is that consumption level? It was recently reported in a study by Washington University, in St. Louis, that household consumption for 95% of American households is still at the collapsed level of 2009, when mass unemployment and loss of "credit" had pushed real consumption down by almost 15%. Only the top 5% of households have recovered the 2006 levels of real consumption.