Statement by Robert Greenstein on Administration Mischaracterizations ..

[struggle4progress]

.. Regarding Economy and New Data on Poverty, Income, Health Insurance

<snip> -- In no prior recession dating back to 1960 (when poverty data began to be collected) did poverty increase between the second and third years of the economic recovery. Between 2003 and 2004, by contrast, poverty rose.

-- In all previous recessions, with the sole exception of the recession of the early 1990s, the poverty rate was, by the third year of the recovery, at or below its level at the end of the recession. In 2004, in contrast, the poverty rate is a full percentage point higher than it was in the recession year, 2001.

Some previous downturns did produce larger increases in poverty than have occurred since 2000. But in no other recovery in the last 45 years did poverty increase in the third full year of economic growth following the recession. The movement in the wrong direction at this stage of the recovery represents a break from the past.

Moreover, this recovery is unusual not only for its rising poverty but also for its failure to lift the incomes of middle- income Americans. It is the only recovery of the past 45 years in which the income of the typical (or median) household did not grow between the second and third years of the recovery. <snip>

http://releases.usnewswire.com/GetRelease.asp?id=52380

[OrangeCountyDemocrat]

1. Recovery? LOL!!! n/t

[marbuc]

2. It's not a recovery

if incomes do not increase and poverty doesn't decrease. I'm no economist, but these seems like commonsense to me.

[wli]

3. "Recovery?" More like a goddamn depression. n/t