Economy Bad All Over -- Even Before Current Crisis

Economy Bad All Over -- Even Before Current Crisis

www.foxnews.com

WASHINGTON — Things really are bad all over — and they had gone bad even before the housing and finance industries crashed and sent the economy into a tailspin.

New census data shows that throughout the first half of the decade, the slumping economy touched nearly every community in the country. Incomes dropped while poverty and unemployment rose in the vast majority of the nation's cities and towns.

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Among the findings:

—Median household income dropped in 79 percent of the cities and towns. Incomes dropped in the wealthiest communities as well as the poorest. Charleston, Ill., home to Eastern Illinois University, saw the biggest drop — 31 percent — to a median household income of just under $21,000.

Nationally, incomes dropped by 4.3 percent during the period, to $50,007.

—The poverty rate increased in 70 percent of the cities and towns. Athens, Ohio, home to Ohio University, had the highest poverty rate, at 52.3 percent, in the 2005-2007 period.

Nationally, the poverty rate increased from 12.4 percent to 13.3 percent since the start of the decade.

—The unemployment rate increased in 71 percent of the cities and towns. Muskegon, Mich., a city of about 40,000 near Lake Michigan, had the highest unemployment rate, at 22.1 percent.

Nationally, the unemployment rate increased from about 4 percent in 2000 to 6.6 percent in the 2005-2007 period.

—Median home values increased in 92 percent of the cities and towns studied — doubling and tripling in many cities, mainly in California. Nationally, the median home value increased 26 percent, to $181,800.

So once again, a hard look at the facts proves that the Bush Administration was lying about the state of the economy for most of it's term. Almost 80% of the country has been in the grip of a recession for almost a decade, with declining income and skyrocketing living costs, while the bald faced liars chanted their "economy is sound" mantra.

Someone start boiling the tar while I get the feathers.

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reply to post by mythatsabigprobe


I am sure that this was all Clinton's fault. The Bush administration had done no wrong and our economy was strong... There is no recession!

Just imagine the utopia that we would be living in if that dastardly Clinton wouldn't have been in office. No 9/11, no economic meltdown, no war, no terrorism, no problem! To think that he had the audacity to delay it all so that it would appear to be Bushes fault.... the man has no shame.

reply to post by Karlhungis


hmmm....

wait a minute...
I see what you did there!

Bad everywhere BUT the Miami area.

My relatives, die hard Republicans, say all is well there. The economic problems??? What?????

Oye mira Mami, aqui no pasa nada.

Goes to show how far some will go and are willing to take it.

You'll find the same sort of statistics for 1927, just before the great depression, it seems depressions always start before anyone even realizes it.
If unemployment goes up and construction goes down, that's when it's time to get out of the market asap.