Obamanomics – Trickle Up Economics in Action

4 Mar

Because “trickle-down” success is a myth

Personal Income Drop Is Bottom-Up Economics Failure

According to the Commerce Department report issued Friday, personal income fell by $505.5 billion in January — a 3.6% drop — erasing all the income gains made since last September.

On a real, per-capita basis, it’s even worse, with incomes falling 4.2% in January, leaving income still well below where it stood when President Obama took office four years ago promising “hope and change.”

Meanwhile – Over at the IRS…

CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

“In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” said CBO, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.”

The U.S. economy, CBO projects, will perform “below its potential” for another six years and unemployment will remain above 7 percent for another three.

Forbes, CNS, IBD

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