The income of the typical American family—long the envy of much of the world—has dropped for the third year in a row and is now roughly where it was in 1996 when adjusted for inflation. The income of a household considered to be at the statistical middle fell 2.3% to an inflation-adjusted $49,445 in 2010, which is 7.1% below its 1999 peak, the Census Bureau said.I feel sorry for our President. It's been a rough week for him. The Democrats lost two elections, one of which the Dems have held since Warren Harding was President. The Taliban launched a major attack on NATO forces. The European Union is crumbling, there's a scandal brewing over his administration's support of a company called Solyndra, more people are in poverty than ever before and CNN reports that his poll numbers are crashing. Senate Democrats have told him that his jobs bill is toast, and this is just Wednesday.
The man's in a bind, and it doesn't look like Thursday and Friday are going to be any better. Hey, Mr. President, hows that HopenChange working out for you?