The Obama Debacle Continues, As Incomes Fall

The Financial Times records the latest bad news from the fiasco that is the Obama administration: the median income for U.S. households has declined to a level last seen in 1995:

The median income of American households dropped to its lowest level since 1995 last year, extending its decline during President Barack Obama’s tenure and highlighting the depth of the damage to the middle class inflicted by the recession and weak recovery.

According to annual data from the Census Bureau, median income adjusted for inflation – a closely watched measure of the financial health of average Americans – fell to $50,054 in 2011, or 1.5 per cent below its 2010 level and 4.1 per cent below its score when Mr Obama took office in 2009.

This chart shows what has happened to inflation-adjusted median household income from 2002 through 2011:

Obama loves to complain about what a tough situation he inherited, but the truth is that the Bush administration looks like a golden age compared to what has followed it.