More on the Enduring Legacy of Bushenomics

A few simple facts to consider:

• According to a study by the Annie E. Casey Foundation, in 2004 3.8 million 18-24 year olds were unemployed or not enrolled in post secondary school. In just two years that number increased to 4.3 million in 2007, totaling almost 15% of all 18-24 year olds in the United States. And that was before the reality of the Bush recession had hit.

• A 2007 study by the Harvard University Joint Center for Housing Studies found “While aggregate household net wealth grew from $25.9 trillion in 1995 to $50.1 trillion in 2004 (both in 2004 dollars) nearly 90 percent of the net gains occurred only among the top quartile (25%) of households in the wealth distribution.”

• In 2000 there were 301 billionaires in the United States, in only four years, by 2004, this number had grown to 400. That’s two new billionaires a month.

• In 2001 the percent of US families with zero or negative net worth was 17.6%, by 2007 this number had grown to 18.6%

• From 1979 (Reaganomics hit in 1980) to 2005 the top 5% of income households saw an increase in real income of 81%, while during this same period the lowest 20% of income households saw a decline in real income of 1%

• In the year 2005, ALL income gains went to the top 10% of households, while the bottom 90% of income households saw declines.

• In 2006, the bottom 20% of income households received an average of $23 from the Bush tax cuts, while the top 1% saw an average of $39,020 and the top 0.1% received a whopping $200,523.

• According to the Economic Policy Institute, from 2001 to 2007 real income of middle class families actually fell for the first time in history.

These facts speak for themselves without commentary about the impact of Bushenomics on the American family and the US economy.