An Economic Recovery for the Rich Alone
This is the perfect note for a post-Fed day, where once again America's Banana Republic central planning statists were too petrified to raise interest rates. The Fed has now missed the entire economic cycle without raising rates once. All you can do now is sit back, relax and wait for all hell to break loose.
Recently released data from the Census Bureau is nothing short of devastating to anyone who has been pushing the absurd meme of a strong U.S. economy.
There is simply no way one can look at this data and not conclude that the last seven years has been nothing more than an upward redistribution of wealth crafted by the Federal Reserve. As I've said many, many times before, central bankers should be tried for crimes against humanity for what they have done.
U.S. Census Bureau data out Wednesday underscore just how lousy the recovery has been if you aren't rich.
Looking at eight groups of household income selected by Census, only those whose incomes are already high to begin with have seen improvement since 2006, the last full year of expansion before the recession. Households at the 95th and 90th percentiles had larger earnings through 2014, the latest year for which data are available.
Want to see a chart of how bad this really is? Here you go:
Income for all others was below 2006 levels, indicating they're still clawing their way out of the hole caused by the deepest recession in the post-World War II era.
Median household income is 6.5 percent lower than in 2007, the year the recession started.
So this is now what we call a "recovery"?
Overall, median income was $53,657 in 2014, not a statistically significant difference on an inflation-adjusted basis from 2013's median of $54,462. It's the third straight year that there's been no significant change, after two consecutive years of annual declines.
That's happened even though the labor market has posted steady progress.
Meanwhile, the official poverty rate was 14.8 percent, with some 46.7 million people in poverty—both little changed from 2013. The rate is 2.3 percentage points higher than it was in 2007.
If you believe this translates into an "economic recovery," you will literally believe anything.