Tuesday, October 02, 2012

RSC Update: Falling Incomes, Rising Prices

Monday, October 1, 2012 | View Online

RSC Update: Falling Incomes, Rising Prices

Data Points

If you feel like the last four years have been tough, the data backs you up. While plenty of things have gone up in price (gasoline perhaps most notably), incomes have actually fallen.

A few points about the chart above, which visualizes these trends all too well.

  • According to analysts at Sentier Research, median household income has dropped $4,520, or about one month’s average wages, since President Obama took office.
  • The average price for a gallon of gas has more than doubled since January 2009, from under $2 to now almost $4.

Numerous economists are forecasting another recession, but these trends don’t have to shape our future. We can help reenergize our economy by producing more American-made energy and the good-paying jobs it creates. As this article in USA Today points out, the shale oil industry alone has contributed 1 million of the 2.7 million jobs added in the U.S. since 2002. Remember that the next time liberals look to slow down oil and natural gas production.

RSC Media Activity – RSC members work hard to ensure that the conservative viewpoint is well-represented in all corners of the media. Visit our Media Center for more.

· Rep. Mike Pompeo (KS-04) with Sen. Lamar Alexander (R-TN): Puff, the Magic Drag on the Economy; Wall Street Journal, September 18.

· Rep. Tom Cole (OK-04): Rep. Cole Speaks about Tax Policy on CNBC; CNBC, September 24.

· Rep. Darrell Issa (CA-49): Crafting 21st Century IT Reform; Nextgov, September 24.

· Rep. Virginia Foxx (NC-05): Fighting Obama’s Attack on Welfare Reform; Washington Times, September 24.

· Rep. Tim Scott (SC-01): We need a Simpler, Flatter and Fairer Tax Code; The Hill, September 25.

· Rep. Reid Ribble (WI-08): Simplifying the Tax Code; The Hill, September 26.

· Rep. Lamar Smith (TX-21): Obama Puts Illegals Ahead of Americans; Washington Times, September 26.

· Rep. Mike Turner (OH-03): Rep. Turner Speaks about the Recent Terrorist Attack in Libya on CNN; CNN, September 27.

· Rep. Todd Rokita (IN-04): Complex, Unfair Tax Code Stands in Way of Recovery; The Hill, September 28.

RSC Member Activity RSC members make it a priority to introduce productive, conservative solutions for America’s future.

· Reps. Mike Pompeo (KS-04) and Jeff Flake (AZ-06) led 45 other members in a letter to Speaker Boehner arguing in favor of allowing the wind production tax credit to expire.

Outlook – A quick look at what’s on the horizon.

· On Wednesday, Mitt Romney and President Barack Obama square off in Denver for the first of three presidential debates from 9 p.m. to 10:30 p.m. EDT.

· On Friday, the Bureau of Labor Statistics will release its report on September employment data.

· The House will reconvene on Tuesday, November 13.

RSC Reports

· An RSC Policy Brief recently published highlights voter fraud examples reported in the media and legislation that would increase the integrity of elections nationwide.

· RSC Updates are now online! Looking for one of our recently released charts and graphs? Click here.

· Stay up to date on budget and spending news with reports from the RSC Budget and Spending Task Force.

· Check out the RSC Sunset Caucus’ work to shrink the size of government and the Repeal Task Force’s work to eliminate bad laws and regulations.

· House rules now require sponsors of legislation to provide a Constitutional Authority Statement that explains how Congress has the constitutionally-derived authority to enact their proposals. Click here to see liberals’ highly questionable attempts.

· Read the RSC Money Monitor to track how bills passed by the House affect budget authorizations, mandatory spending, and federal government revenue.


House Republican Study Committee
Rep. Jim Jordan, Chairman

Paul Teller, Executive Director
Brad Watson, Policy Director

Joe Murray, Professional Policy Staff
Curtis Rhyne, Professional Policy Staff

Ja’Ron Smith, Professional Policy Staff

Derek Khanna, Professional Policy Staff

Brian Straessle, Communications Director

Michael Tate, Deputy Communications Director
Wesley Goodman, Director of Conservative Coalitions and State Outreach

Yong Choe, Director of Business Outreach and Member Services

Rick Eberstadt, Research Assistant

1524 Longworth House Office Building
Washington, DC 20515
(202) 226-9717

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