- 77% of cities and towns saw median income drop.
- Nationally, median income dropped 4.3%.
- 70% of cities and towns saw poverty increase.
- Nationally, poverty increased from 12.4% to 13.3%.
- 71% of cities and towns saw unemployment increase.
- Nationally, unemployment increased from 4% to 6.6%.
- 92% of cities and towns saw median home values increase—nationally, median home value went up 26% to $181K...
- ...but all that got us, says economist David Wyss, was "a binge of living beyond our means.... We were financing our spending habits by treating houses like giant ATMs," which resulted, according to the AP article, in "an unsustainable housing market that ultimately fueled the current economic crisis." [see Stephen Ohlemacher, "Economy Bad All Over—Even Before Current Crisis," AP via Yahoo News, 2008.12.09.]
But Obama can't afford to take it easy in the White House, not when his predecessor is leaving him eight solid years of proven economic mismanagement.