USA TODAY: Rising economic tide fails to lift poor, middle class

USA TODAY

Rising economic tide fails to lift poor, middle class

Posted 8/29/2006 8:26 PM ET

There's an old saying that "a rising tide lifts all boats." Popularized by President John F. Kennedy, it generally refers to how a growing economy benefits everyone.

These days, however, it might need to be revised to say: "A rising tide lifts all yachts." Or perhaps it should be retired entirely, because it no longer appears to be accurate.

That's the inescapable conclusion from Tuesday's Census Bureau report on poverty. Some 37 million Americans lived below the poverty line ($19,971 for a family of four) in 2005 — that's 4 million more than at the height of the last recession, in 2001.

The same report showed that the median annual income of $46,326 was essentially unchanged from where it was in 2001, and that the ranks of those without health insurance, now at 46.6 million, continue to grow.

What makes the numbers so troubling is that they come four years into an economic recovery that by other measures has been robust. From 2001 to 2005, the gross output of the economy increased by about 12% above the rate of inflation, worker productivity surged and corporate profits doubled.

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Heir Bushler

...continue to cripple the working class, reduce the power of the middle class and keep the rabble fighting over low wage jobs. This is conservative economic goal setting and execution in action.

And perfect accent! :thumbsup:

The rich get richer and the poor get poorer,is anyone surprised?

the prevailing position of the time was, if you better the conditions of the poor, it helps everybody. The poor have greater spending power, they increase demand from producers of goods, those producers hire more people, and the investors profit.

The prevailing position of today is, enrich the rich, and their increased wealth will lead to more investment, which will increase production which will increase demand.

It's ass-backwards.

Wealth is generated from the bottom up, not the top down. Kennedy's way lifted all boats. Reagan's way lifts only the yachts.

said how the gap between the rich and the poor has been expanding since the 70s... except for the late 90s. But, hey, the zipper of the President was more important than the economy that, indeed, raised all of us.

Some weeks ago I heard Al Franken commented that Bush thought that it was easy being President. After all, Clinton did well with one hand constantly being tied behind his back...

When will the apologist enablers realize that "RECOVERY" is for the wealthy only? At least now it is, because they not only don't need our votes anymore, they don't need our skills either. Republican officeholders = middle class/poor/economic POISON.

It's a fucking tsunami, and only the rich, in their high rises, with generators, and larders of grub, will survive.

The poor bastards living in shacks in the shadows of the high rises will be swept away in the deluge.

They ruined business in america and caused the out sourcing of jobs. Besides only those to lazy to work are going to be effected. All they need to do is get edumacated and they too will make billions on Ebay. A spokes person from the Hudson Institute was on WJ this morning toting the 4.8 un employment rate and the 6 million jobs shrub created. Plus she was pretty much saying how americans need to get edumaction and they too would be one of the beautiful people.

Mean while to rebut her claims, WJ had a lame idiot that didn't say much of anything.

from someplace, and that place is the ever tightening squeeze of medical & insurance costs, energy & overall inflation of the price of goods & services.

:grr:

If the stock market is now where it was during the Clinton years, then for those living off investments yes, this was a recovery..

Oh, you mean for the rest of us? That's now what this administration all about..