A new report by the U.S. Federal Reserve shows that the average family income dropped by 2.3 percent between 2001 and 2004, causing American families to feel less financially secure. In addition, under President Bush's failed economic leadership minority income remains less than 60 percent that of whites.
The drop in household income is the first decline since 1989-1992, when George H.W. Bush was in office. In contrast, average family income increased under President Clinton by 17.3 percent over the period between 1998 and 2001.
The study also indicates that the decline in family income is a direct result of falling wages. Despite this, President Bush and Republicans in Congress have refused to raise the minimum wage, which was raised 10 years ago. As a result, the Economic Policy Institute noted that "the real value of the minimum wage has fallen significantly, as minimum-wage workers earned only 32 percent of the average hourly wage in 2005."
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