The Real Economic Scorecard

Did anyone decide to read the article or did they just decide to bash it? There are so many crap comments here that I can't even read them all, let alone point out why they're wrong, but I'll try my best.

Calling this article Republican propaganda, and its author an apologist is incorrect, here's why

http://www.highbeam.com/doc/1P2-747833.html

What's this? It's an article about the same topic written in October 8th 1997, in the middle of the Clinton administration.

The article has a few differences but the main idea is the same, and it's supported by the mostly the same causes in the article above.

Mr. Topcan2001 put up a good point with only a small amount of pretentiousness. Apparently 2007 was a boom year for the housing bubble and should be compared to another peak in order for accuracy.

Oh but what's this?

http://en.wikipedia.org/wiki/United_States_housing_bubble#cite_note-Fortune_deadzone-15

That's odd, it says here the housing industry began declining in 2006 and led to a crisis in 2007 of August, that sure doesn't sound like an economic peak to me.

What this idiot fails to note that is 2007 was also a boom year fueled by the housing boom. You should compare 1997 to 2004 or 2009 and then you will get the real picture.
Another Republican trying his best to tell people not to believe their eyes and ears about falling wages but to go back and live in 2007 and enjoy the prosperity and only compare themselves to the year they cherry pick.

I'm afraid next year's census figures may be alarmingly worse. Most loan documents I have read contain a clause that says that any time, with a number of days to complete the transaction, the lender may call the loan for the balance of cash lent. That's OK if your property is worth more than it was when you entered into the loan agreement and you can get another loan to pay-off the present loan. But, say if your house is worth 35% less than it was when you purchased it, your equity may be wiped out. And if your lender is amongst many lenders that must raise cash, it may be almost impossible for you to get another loan. This could have a horrible domino effect. I've read at the U.S. Comptroller of Currency, Administrator of Banks site, "OCC's Quarterly Report of Bank Derivative Activities 3rd Quarter 2007", that the 25 U.S. banks with the most derivative investments have derivatives totalling $171,771,444 TRILLION. And their asset base is losing its value. I read that the wealth of all the economies in the world is about $97 trillion. To me this signifies these tremendous bank values have tanked, to say the least. For instance, Morgan Chase had $91,734,451 trillion in derivatives, which gives them a credit to capital ratio of 416.4 (not 416.4%). Help! Anyone know about this?

there will and alway will be poverty... especially when you let everyone just stand in lline for their check and suck off the government!

If its so good why is the stock market starting tank.People pulling money from 401 reirment plans.McCain promises to cut taxs for the rich again.Will print more money to pay for the war and lost maufacturing jobs. So grab your bible and correct this mess. Next fascist will move in . wrap in flag and a cross.The WMD are in office and want more four years.The beast is here and has been corporation is it name.He is in the constitution and lives on greed.So your prayer are answered.

Interesting! You make it sound great BUT what about the inflation wiyh prices?

We are spending so much more of the amount all citizens have had for the past 8 years!!

We are not better of. You can make the statistics sound good or bad BUT it is NOT good out there!!

We are much worse off!

I know I'll get slammed on this but the only thing that will fix our problems is a level playing field fro everyone. We love to say that anyone in this country can acheive. I don't think that's true. Sure some poor people and minorities will achieve but the vast amount will not. The deck is stacked against them. Everyone can't be rich then no one will be. There can never be a "chicken in every pot". So we have to re-define success and treat everyone with respect and as a value to society. We don't do that. If you're picking fruit that's deemed demeaning but we all need to eat. We need everyone in this society...from the cleaning toilets to running the country. Someone's got to do it....So when we don't value all we get crime and people giving up on society and causing havoc.....until we get there we will always have these problems.

This new globalized economy can grow without creating new jobs in the U.S., which means no wage growth.

What we have is a complete decoupling of economic benefit between business and the people. What is good for business is no longer good for the people.

How about stats for the past 7½yrs? You cannot judge an administration from just it's last year. OVERALL... wages HAVE actually gone DOWN, and we (as the general public) are WORSE off.

Please tell the WHOLE truth about the Republican administration and our current economy... not just the last year.

SSDI 2.3% increase, rent 5% increase, utilities 4% increase, food 15% increase???YOU DO THE MATH AS HOMELESSNESS IS NEXT MONTH! Last year I had a place to live! Now I don't!! Am i better off?? As a wounded Veteran??? NO!!! WHAT DO THE PEOPLE CARE???

A valuable article with good insights, but a few comments come to mind strongly. One: not all the increase in uninsured is due to direct effects of immigrant or unskilled labor, but much is due to changing hiring practices (esp. these past 10 yrs.) to preclude having to provide insurance or pension, that is "part time" and outsourcing. Two:where are my fringe benefit increases? Although I had below-inflation (3%) raises in recent years, my pension was a straight percentage of thatsalary--not any shift from cash to fringe. This year an axe fell, and the employer cut his contribution in half. "It's the economy" as the sign said. Third and last: you pulled your punches whenyou did not connect the less-than-1% annual salary rises to the spectacular, some would say "obscene" salary and benefit growth among top 1 percenters. Not matter how much money a rich man makes, he can still only eat dinner once a day, and sleep in one bed, and celebrate only one birthday a year, yet the enormous productivity that he has benefitted from cannot turn into economic prosperity for others in proportion. Even this growing disparity between mega-rich officers and "grudging growth" employees is cause for great concern for the future of society and the economic prospects of 99% of the population. Thanks for your indulgence. PB

This article is a bit of intellectual rambling. "Americans are not better off. They are btter off. Some are and some are not, The data is been iisinterpreted but if you want the proper interpretation read MY article. Groan.

He states that between 1997 and 2007 income had gone up 5%. He does not report if these numbers are adjusted for inflation, but if not and if inflation is the typical 3% a year, this means that income went up 5% in 10 years but inflation went up 30%. I think most people would agree that this leaves people worse off. Add to this the fact that many costs (medical, fuel, etc.) went up higher than the rate of inflation, then this makes people even worser [sic] off.

As has been previously , data can be massaged to reflect the desired outcome. I think this election will
come down to the wealthy voting their wallet and the burning question is, just how many of them are there without a social conscience. I read an analysis of the two candidates economic plans and the McCain plan
was in the 4.7 trillion range and Obama plan was ? 3.1 trillion. Or consider this, the previous administration has provided each American with a $34,000.00 credit debit to repay. I know that in my world, that hurts. With
annual raise in the 4%range and the cost of living raising by 3% in the month of april alone, it is growing
increasingly difficult to maintain our conservative standard of living. Good Luck to us all, except perhaps that
idiot which keeps posting about cranial measurements. As he has so clearly demonstrated, it is all in how
you use it not how big it is.

The article is actually very accurate. The problem is we have more and more people, not only illegal immigrants, but american born citizens that expect the government has to give them everything and do everything for them. Those that know it is upon themselves to prosper do so. Please grow up people.

Unstated are the income supports such as affordable housing, school meals, foodstamps and other benefits low to moderate income families can access. In example, a family with a $21,000 annual income in California qualifies for subsidized rent in our community. This represents over $8,000 per year in tax free income when compared to local market rents. The message is that all forms of income need to be considered when we identify levels of poverty.

Unstated are the income supports such as affordable housing, school meals, foodstamps and other benefits low to moderate income families can access. In example, a family with a $21,000 annual income in California qualifies for subsidized rent in our community. This represents over $8,000 per year in tax free income when compared to local market rents. The message is that all forms of income need to be considered when we identify levels of poverty.