HOUSEHOLD INCOME HAS FALLEN MORE IN PAST THREE YEARS THAN DURING THE RECESSION
RECOVERY? HOUSEHOLD INCOME HAS FALLEN MORE IN PAST THREE YEARS THAN DURING THE RECESSION
- Posted on August 28, 2012 at 11:15am by
Becket Adams - Print »
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No matter how hard some people try to spin the numbers, the U.S. economy just isn't on the "right track" for many Americans.
Consider, for example, the fact that U.S. household median annual incomes have dropped from$53,508 to $50,964 since June 2009, according to new report from Sentier Research.
That's a decline of 4.8 percent over a three-year period.
And that's not all: As Business Insider's Jill Krasny notes, "several types of households fared much worse than that."
"[A]lmost every group is worse off now than it was three years ago, with the exception of households with householders 65-years-old and over," said Sentier Research's Gordon Green.
Well, at least we got that, right?
Based on a closer inspection of the report, Business Insider put together the following list of who's "falling behind":
Non-family households: This group saw its real median annual income decline by 7.5 percent, from $33,002 to $30,512. Family households declined a little less than that by 4.7 percent.
Single households: Men living alone saw their real median income drop by 9.4 percent, while women's dropped by 4.5 percent.
Black households: Compared to white and Hispanic households, Black householders' income declined the most by 11.1 percent, from $35,567 to $32,498.
Householders without a college degree: People with some education but no degree saw their real median annual income slide by 9.3 percent, from $50,948 to $46,200. Associates degree holders saw theirs taper off by 8.6 percent, from $60,602 to $55,374.
Self-employed households: This group's annual income fell 9.4 percent, from $73,695 to $66,752. Private sector workers fared only a little bit better, with a decline of 4.5 percent.
Households in the West: In contrast to households in the Midwest region which barely saw a decline, households in the West felt their yearly incomes decrease by 8.5 percent, from $59,065 to $54,071.
Households with householders between 55 and 66: Compared to millennials who saw their real median household income drop 8.9 percent, boomers' declined by 9.7 percent, from $61,716 to $55,748.
Final Thought: Per the Sentier Research report, the decline in household income began in 2009. What else supposedly began in 2009? Here's a hint: the so-called "recovery" (okay, that‘s not so much of a hint as it's an answer).
You know what this means, right? It means household income has fallen more during the "recovery" (4.8 percent) than it did during the recession (2.6 percent). Just think about that.
It may get worse before it gets better. Few really realize just how bad the effects of what Wall Street has done to devastate our country.
Wall Street has played a part, but the current thing in office has signed more executive orders to do in the economy. That's the biggest problem we have--notice income fell most since 2009 and during his whole term in office.
Quoting GardenerArtist:It may get worse before it gets better. Few really realize just how bad the effects of what Wall Street has done to devastate our country.
Exactly! When that kind of money just *poof* disappears out of the money supply, you can't expect to bounce back like nothing ever happened. Where the perpetrators ever held accountable?
We have them all cornered. In Washington.
Quoting 4healthyeats:
Quoting GardenerArtist:It may get worse before it gets better. Few really realize just how bad the effects of what Wall Street has done to devastate our country.
Exactly! When that kind of money just *poof* disappears out of the money supply, you can't expect to bounce back like nothing ever happened. Where the perpetrators ever held accountable?
Quoting 4healthyeats:
Quoting GardenerArtist:It may get worse before it gets better. Few really realize just how bad the effects of what Wall Street has done to devastate our country.
Exactly! When that kind of money just *poof* disappears out of the money supply, you can't expect to bounce back like nothing ever happened. Where the perpetrators ever held accountable?
Jon Corzine is one of those who should be held accountable.
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.
http://dealbook.nytimes.com/2012/08/15/no-criminal-case-is-likely-in-loss-at-mf-global/
I lost my job in 2009. I was working for a government contract and they laid off over 100 people. We have made it though. Praise the lord. Thank goodness my husband was able to get into the government working after serving 12 years in the navy. Obama needs to be booted out!! I didn't vote for him then and I will not vote for him now. Go Mitt!!
I am so glad your husband was able to find a job and his military experience helped.
Quoting NC_Mom_06:
I lost my job in 2009. I was working for a government contract and they laid off over 100 people. We have made it though. Praise the lord. Thank goodness my husband was able to get into the government working after serving 12 years in the navy. Obama needs to be booted out!! I didn't vote for him then and I will not vote for him now. Go Mitt!!
Me too. 2009 was a rough year for us. I lost my job and he got out of the navy for high year tenure due to not advancing to his next rank. He got a job working for a contractor making only 17.00 and I had unemployment money coming in. We had to cash out all of our stock, run up our credit cards to pay our bills just to keep our house. Then March 2009 he got accepted a government position. We are doing a lot better but we are digging our self out of a hole with all of our debt. I have been trying to find a job but no one is hiring and I have to have certain hours now due to my daughter in first grade. I am very thankful we didn't lose everything we worked hard for. Our income is still not what we are use to having when I was working but you don't see us on welfare. We are on a strict budget now and doing just fine.
Quoting gsprofval:
I am so glad your husband was able to find a job and his military experience helped.
Quoting NC_Mom_06:
I lost my job in 2009. I was working for a government contract and they laid off over 100 people. We have made it though. Praise the lord. Thank goodness my husband was able to get into the government working after serving 12 years in the navy. Obama needs to be booted out!! I didn't vote for him then and I will not vote for him now. Go Mitt!!
Mitch McConnell Defends Obama Administration On AP Scandal
- gsprofval
on Sep. 11, 2012 at 12:22 AM