There is no other way to put it: the American economy is a mess. According to the Social Security Administration, 51 percent of all wage earners in the U.S.A. made less than $30,000 in 2014. That number doesn't even take into account those who are not working. Nearly 40 percent of Americans eligible to work are not -- the lowest percentage of workers since 1977.
Median income in America, which means half of us make more, half less now stands at about $54,000 a year. That is 3 percent lower than it was when Barack Obama was elected president in 2008.
On the President's watch, median income has declined by about $1,600 per capita household. White households make just over $60,000 a year; Hispanics $42,500; black households $35,400.
Black unemployment standing at 9.2 percent, it was 12.6 percent when the President took over. White unemployment 4.4 percent.
Now, there is no question that American workers are being pounded, so it would seem -- it would seem that the Democrats would have little chance of winning the presidency in 2016. But, of course, that's not the case. It looks like the election will be very close depending on whom the Republicans select as their candidate.
The reason the American economy is flat out bad is that we the people don't have enough money to spend. Salaries are low because the private sector is not creating enough good jobs. Democrats will tell you the government can provide those jobs. But that's not true.
Private industry, for example, was hit hard by Obama care. Many small companies cut back hours and did not expand. Obamacare premiums will rise about 7 percent next year. And 80 percent of those enrolled in the Obamacare system are being subsidized by the taxpayers, working people.
So it's clear the social welfare state is not benefiting working Americans. Someone tell the unions who remain under tremendous downward earning pressure.
Same thing happened when Jimmy Carter was president in the late 1970s, that's one of the reasons Ronald Reagan was elected. Mr. Reagan did eventually cut taxes especially on business and the economy rebounded in the mid 1980s. As Yogi Berra might say it's deja vu all over again.
Now, if you are making less than 30,000 bucks a year you are essentially a poor person grinding it out, you know that. Times are tough. So if you are healthy, physically, you have to do something and not rely on the government. You have to be self-reliant.
That means you might have to go back to school, learn computers, drive an uber car -- that's a growing industry -- where can you make some solid money and nobody is telling you what to do.
You might have to move. There are areas of the country that are booming, especially in the service industry. In Florida and Texas there are jobs and no state income tax.
But hear me well, if you are not making much money and you just sit there hoping a political party will improve your life you are a fool -- a fool.
America is a competitive marketplace. If the next president does not cut business taxes, the economy will get even worse. So you yourself have to take some action.
And that's “The Memo”.