US income plunged 3.6 percent in January – its biggest drop in 20 years. The Chicago Tribune reported:
U.S. consumer spending rose in January as Americans spent more on services, with savings providing a cushion after income recorded its biggest drop in 20 years.
Income tumbled 3.6 percent, the largest drop since January 1993. Part of the decline was payback for a 2.6 percent surge in December as businesses, anxious about higher taxes, rushed to pay dividends and bonuses before the new year.
A portion of the drop in January also reflected the tax hikes. The income at the disposal of households after inflation and taxes plunged a 4.0 percent in January after advancing 2.7 percent in December.
The Commerce Department said on Friday consumer spending increased 0.2 percent in January after a revised 0.1 percent rise the prior month. Spending had previously been estimated to have increased 0.2 percent in December.
The secretary of the department I work in (at a university) is a single mom who lost enough income to pay her electric bill, and is extremely worried about how she's going to make it and take care of her girls.
In the mean time, gas prices are through the roof, food costs are higher, as well as everything else, all with smaller incomes.
Funny thing is, those making higher incomes are being punished less with a barely noticeable drop in income.
I guess Obama wanted to protect the rich and hurt the middle class and poor............
RIGHT'S RIGHT 
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Fri Mar 01, 2013 9:11 am
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