Barack Obama: "I will NOT raise taxes. Period!"

Barack Obama vows to not raise taxes on Americans earning less than $250,000.
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American families saw their real incomes fall to an average of $70,700 in 2004, down 2.3 percent from 2001, according to a Federal Reserve survey of consumer finances released Thursday. Average net worth rose 6.3 percent during the same period to $448,200, buoyed by the often-dramatic appreciation of house values and the increased rate of homeownership. All figures in the Survey of Consumer Finances, which is released every three years, are adjusted for inflation. "This is a tremendously detailed, comprehensive look at the American family's balance sheet and it ain't pretty," said Jared Bernstein, senior economist at the Economic Policy Institute, a liberal research group in Washington.

Bernstein pointed to the disparity between the economy's robust performance during the three-year period and the benefits -- or lack thereof -- reaped by wage earners. "Between 2001 and 2004, productivity was up almost 12 percent," he said. "That's supposed to mean a significant improvement in living standards, but in terms of net worth, you just don't see it."
Growth in income and net worth during the previous period measured by the consumer finance report, 1998-2001, was markedly stronger. From 1998 to 2001, average incomes grew 17.3 percent and median incomes grew 9.5 percent, while average net worth rose 28.7 percent and the median rose 10.3 percent.

Medians, or midpoints, for both net worth and income edged up sluggishly during the 2001-04 period. Median net worth rose 1.5 percent to $93,100 in 2004, while median income rose 1.6 percent to $43,200. "That's bupkis, as my grandma would have said," Bernstein said, referring to the small increase in median net worth. That's very disappointing growth, especially in an economy where productivity is up almost 12 percent. The increase in families' most valuable asset, their home, is evident in the report, but it hasn't done much to offset some of the headwinds pushing back against income growth, primarily weak wage performance and debt accumulation."

Wages, the biggest component of household income, declined more sharply than income. Median wages fell 6.2 percent; mean wages fell 3.6 percent. Families also took on more debt and saved less during the three years. Debt as a percentage of total assets rose from 12.1 percent in 2001 to 15 percent in 2004. While 59.2 percent of families were socking away savings in 2001, that was down to 56.1 percent of families in 2004. "If you experience a shock to your income, your savings fall," said Deborah Reed, an economist at the Public Policy Institute of California in San Francisco. She noted that for families making close to the average income, a drop of a couple of thousand dollars prompts belt tightening that might work for the short term but become serious if the income dip is prolonged. "They're drawing down their savings, making different choices about lattes or whatever for a few years," she said. "That's OK, but if it lasts, then they can't continue to just spend down savings or save less. They have to make tougher choices: Do I need a new job, a second job, should I cut back on my expenses in a more serious way, take out a second mortgage on my house?"

For low-income families, the effects of stagnant or declining incomes are more severe. Families in the bottom 20th percentile had incomes that went from an average of $10,700 in 2001 to $10,800 in 2004. At the next tier up, the average income rose 1.5 percent, from $25,700 to $26,100. "For that group it's not a matter of saving less or drawing down a bank account because they often don't have savings or a bank account," Reed said. "It doesn't take a few years for tough choices to (have to) be made. It's more immediate. Is it another job, is it mom going back to work earlier than she might have, is it not having a car, is it sharing your house with a renter, or becoming a renter? There are a lot of tough choices." Reed said the 1980s were marked by a similar paradox of a growing economy and stagnant wages. "The economy is growing but the profits of that are not being shared with workers. They're going to the CEOs and the people owning stock," she said.
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2006/02/24/...

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[fastball186]

fuckin bullshit.

My family of nine kids is a lower middle class family full of hard working citizens. Obama has already raised taxes and it is hurting our family.

FUCK OBAMA

[Calhounism]

READ THE HEALTH CAR BILL THAT PASSED THE HOUSE!

You will be paying a medical devise tax on stuff like condoms, tampoons, and toothbushes. Just to name a few.

"I will not raise taxes on those making under $250.000" -- obama

He sure is going to creat some TAXES, not to mention he already raised taxes on the smokers back in february 61 cents a Pack.

[jandg92]

Just raise youre taxes, america, youre just screwing yourself by not doing so. You can't have a montrously large army and the occasional war for oil or other gains and low taxes at the same time.

[fastball186]

From T8rtot "@fastball186 You shouldn't have so many kids... Then you wouldn't be bitching... "

T8rtot you must not be very smart. I am one of the 9 kids. And that is an ignorant thing to say. You must be one of the retards apposing occupy the streets because you think it's those peoples' fault they are "in debt". So you are justifying people getting screwed by corrupt companies that charge you 30$ for going 10 cents overdrawn by mistake? mistakes happen.

trusting obama is a big one.

[t8rtot]

@fastball186 You shouldn't have so many kids... Then you wouldn't be bitching...

[Unklebillybob]

2 1/2 years Later Unemployment:

Unemployment Statistics 2001-2011:

BUSH - 2001 4.7%, 2002 5.8%, 2003 6.0%, 2004 5.5% First 4 year Ave = 5.5%

BUSH - 2005 5.1%, 2006 4.6% 2007 4.6%, 2008 5.8% Second 4 year Ave = 5.03%

BUSH'S EIGHT YEAR UNEMPLOYMENT AVE = 5.26%

If you took both of Bush's 4 year terms and ADDED the Unemployment Figures together, you would come-up with the 10.53% Figure.

Oblama's 2 1/2 Year Unemployment Ave is 9.36%

No Business Being President

[Norwification]

Taxing smokers is a good idea. It's a demerit good that seriously hurts the economy as smokers die younger, use more healthcare, and have more days off work. With the taxation revenue, one can shift the marginal social cost back to meet the marginal social benefit/private benefit of smoking.

Money to pay for the debt has to come from somewhere, taxing cigarettes is a good place to start.

If economics isn't your strong suit, then you probably shouldn't talk about it as if it were...

[david52875]

@FunGuyFilmz it's called a laffer curve, idiot.

[FunGuyFilmz]

The country is in 14.4 trillion dollars in debt.... I HAVE THE PERFECT IDEA GAIZ, HOW ABOUT OBAMA SHOULD LOWER THE TAXES!!!! WE SHOULD GO TELL HIM!!!

Wait you mean we can't lower the taxes with that kind of debt? HORSE SHIT! How about us republicans go make a video on teh internetz about it! YEAH! PERFECT IDEA!

[iRHAPEzombiies]

He should put his tie on his ass since that's were he's talking out of now.

[MrSizzlingsilver]

Obama is just a puppet.