Morning Bunker Report: Tuesday 6.12.2012


The Bush Recession dramatically shrunk Americans’ net worth — The Great Recession shrank Americans’ wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation, the AP reports. Median net worth declined from $126,400 in 2007 to $77,300 in 2010, a Fed survey of family finances found. — Political Wire 

If you want to know why the recovery has been so sluggish, you don’t need to look much further than the chart above — The poorest families (far left) showed a slight gain in income since 2001 but a 35% loss in wealth. The richest families (far right) showed flat incomes and a 16% increase in wealth. The families in the middle — the vast majority of the country — showed substantial losses in both income and wealth. Overall, median net worth dropped 27% between 2001 and 2010. For middle class families this overwhelmingly represents housing wealth: the housing bust since 2007 more than wiped out all the gains they saw during the housing boom. — Kevin Drum 

Like recurring hemorrhoids, Tea Party grassroots gather In Washington — “Welcome to the hostile takeover,” said Matt Kibbe, president and CEO of the Tea Party group. “We, as shareholders of the American enterprise, feel like it’s far past time that we beat the Washington establishment. In case you’ve read otherwise, we have not gone away.” — HuffPo

Did Republicans deliberately crash the US economy? (i.e. sabotage, treason) — “The single most important thing we want to achieve is for President Obama to be a one-term president.”  Such words lead some to the conclusion that Republicans will do anything, including short-circuiting the economy, in order to hurt Obama politically… it’s a hard accusation to prove: after all, one person’s economic sabotage is another person’s principled anti-government conservatism. Beyond McConnell’s words, though, there is circumstantial evidence to make the case… — Michael Cohen

Stand Your Ground laws and remembering who Jeb Bush really is — Justifiable homicides nearly doubled from 2000 to 2010, according to the most recent data available, when 326 were reported. [...] The bill passed in Florida, and was immediately signed by Gov. Jeb Bush. Yes- that would be the same Jeb Bush who is running around today bemoaning radical Republicans. You know, the same “moderate” Jeb Bush who signed the laws giving him permission to insert himself into Terri Schiavo’s marriage. They are all radicals. — John Cole

You know Romney’s lies are reaching critical mass when even his online PR firm ‘Buzzfeed’ complains: Romney Campaign Video Takes Obama Wildly Out-Of-Context — A new web video from the Romney campaign claims the President flip-flopped on hiring more government workers. But, in context, he was talking about the decline in public sector employment during the last recession, compared to an increase under Ronald Reagan. — Buzzfeed video

Is Limbaugh REALLY this stupid or does he just rely on the ignorance of his audience? “Nobody’s opposed to cops or firefighters or teachers — but they aren’t private sector jobs. They do not contribute to economic growth. Their purpose is otherwise. They have an entirely different purpose: public safety, public education, this kind of thing. But there’s no growth in the economy. If you add those jobs — and if there aren’t other types of private sector jobs added while at the same time we’re adding to the fire rolls and the cop rolls and teachers — we are reducing the size of the private sector. This is Marxism 101. It’s also Ignorance and Sophistry 101.” [...] if Romney and Limbaugh actually, sincerely believe what they’re saying, I’d just ask them to consider one question: do they believe teachers, police officers, and firefighters spend money? [...] In other words, there are hundreds of thousands of teachers and first responders, but they never buy things and they never invest, so when they get laid off en masse, there are no economic consequences whatsoever. — Steve Benen 

“We are not a household. We are an economy. Your spending is my income, and my spending is your income.” – Paul Krugman


Obama And The Future — This election is about empowering him to finish what he began. And to have voted for him in 2008 and not vote for him now makes no sense at all. We all knew there would be brutal resistance to real change. So are we really going to bail when resistance makes its strongest counter-attack? Or will we push the president to keep his promises while mobilizing to ensure he can recapitalize in this election and finish the job? I know where I am on this. Do you? — Andrew Sullivan

The story, in a nutshell, is this: we inherited a total disaster, things are getting better, and Romney will bring us back to disaster.Michael Tomasky 

Obama For America TV Ad: “Number One” — When Mitt Romney was governor, Massachusetts was number one. Number one in state debt: $18 billion dollars in debt, more debt per person than any other state in the country. At the same time Massachusetts fell to 47th in job creation; one of the worst economic records in the country. First in debt, 47th in job creation. That’s Romney Economics. — YouTube

“If Barack Obama could just do half the kind of job that Mitt Romney did [as governor of] Massachusetts, this country would be thriving.”a little ‘wisdom’ from Bay “At the Moon” Buchanan 

FBI: Violent crime down for fifth straight year — Last year marked the fifth straight year of year-to-year improvement for the number of violent crimes reported to authorities. It was the ninth consecutive year of declines for property crimes, according to preliminary FBI data for 2011 released Monday. [...] The FBI says murder and non-negligent manslaughter, rape, robbery and aggravated assault all went down in 2011. [...] The preliminary data is based on information the FBI gathered from 14,009 law enforcement agencies around the United States. —

BREAKING: Department Of Justice Sues Florida Over Voter Purge — The U.S. Justice Department is suing Florida after the state disregarded the federal government’s request to suspend its voter purge campaign. In a letter to the Florida Secretary of State, Assistant Attorney General Thomas Perez argues that Florida is violating the National Voter Registration Act and the Voting Rights Act. “Please immediately cease this unlawful conduct,” Perez writes. The full text of the letter is available HERE. –Think Progress

14 Million seniors are already benefiting from Obamacare (and a large majority of them are probably watching Fox News 24/7, cursing the Kenyan-born socialist in the White House) — Medicare reports that 14.3 million seniors in America have already received important preventive benefits under President Obama’s health care law. In the first few months of 2012, seniors were able to take advantage of a number of preventative health services, including an annual checkup, without paying any deductibles or co-pays. “Thanks to the health care law, millions of Americans are getting cancer screenings, mammograms, and other preventive services for free,” said acting CMS Administrator Marilyn Tavenner. “These preventive services are helping people in Medicare stay healthy and lower their health care costs.” — Think Progress

About these ads