Thursday, October 30, 2008

Obama's Economic Mythology

by Steve Chapman - October 30th, 2008 - Real Clear Politics

According to the Bureau of Labor Statistics, average hourly earnings of production and nonsupervisory workers, adjusted for inflation, fell by 4 percent between 1975 and 2005. But those figures deceive because they omit fringe benefits like health insurance, pensions and paid leave, which make up a bigger share of total compensation than before. The numbers also rely on a mismeasure of inflation.

When those flaws are corrected, a very different trend leaps off the page. Median wages, says Fitzgerald, rose 28 percent between 1975 and 2005. Nor were the gains restricted to Bill Gates and Hannah Montana: Significant gains occurred in the middle as well.

The same pattern holds for households. The figures that suggest families are struggling to stay even overlook some types of income, and they don't account for the fact that households have gotten smaller on average. After accounting for such things, Fitzgerald found that "inflation-adjusted median household income for most household types increased by roughly 44 percent to 62 percent from 1976 to 2006."

Just as you will never hear that Barack Obama is a red diaper baby, raised among communist party members and groomed to be the stealth candidate of Marxists, you will never hear any good news about the free enterprise driven American economy from the MSM.

The totally obvious proof that America's border is being beaten down by millions of illegal aliens who pour in for jobs and a better way of life here, does not dissuade our liberal brethren from claiming America is failing. Nothing will persuade them that the Utopia promised by the socialist dream is superior to the opportunity to succeed which the American dream has always delivered. They ignore the millions striving to come here. Creation of wealth means nothing to them. Redistribution of wealth is the only mantra they understand.

Barack Obama will be a disaster for America.


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