Another Record Shattered: This is 'a Great Depression in Real Wages'

Oh, this president is 'historic' all right.

The past decade of wage growth has been one for the record books — but not one to celebrate.

The increase in total private-sector wages, adjusted for inflation, from the start of 2001 has fallen far short of any 10-year period since World War II, according to Commerce Department data. In fact, if the data are to be believed, economywide wage gains have even lagged those in the decade of the Great Depression (adjusted for deflation).

Two years into the recovery, and 10 years after the nation fell into a post-dot-com bubble recession, this legacy of near-stagnant wages has helped ground the economy despite unprecedented fiscal and monetary stimulus — and even an impressive bull market.

Over the past decade, real private-sector wage growth has scraped bottom at 4%, just below the 5% increase from 1929 to 1939, government data show.

To put that in perspective, since the Great Depression, 10-year gains in real private wages had always exceeded 25% with one exception: the period ended in 1982-83, when the jobless rate spiked above 10% and wage gains briefly decelerated to 16%.

Obama's record is a perfect one -- he's ruined the housing, energy, auto, banking, health care, insurance and probably other industries I'm forgetting.

His swollen bureaucracies and regulations are strangling the private sector and, by extension, our livelihoods. What the ideologue-in-chief has yet to figure out is that his leviathan -- his unconstitutional federal bureaucracy -- can't exist without us. Without the taxpayers. By strangling us, he'll end up strangling the federal government. It's simple mathematics. And whether through total systemic collapse or by booting his incompetent rear out of office in 2012, it will end.

Let's work to make it the latter.


Hat tip: TrendingRight.com