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发帖数: 29846 | 1 Americans’ Incomes Have Dropped 6.7 Percent During the ‘Recovery’
10:03 AM, Nov 1, 2011 • By JEFFREY H. ANDERSON
New evidence suggests there’s a reason why this economic “recovery” hasn
’t felt much like a recovery. Figures from the Census Bureau’s Current
Population Survey, compiled by Sentier Research, show that the “recovery”
has actually been harder on most Americans than the recession from which
they’ve allegedly been recovering.
Depression Great
According to Sentier’s report, the median American household income has
actually fallen during the “recovery.” Not only that, but it has fallen
even more than it did during the recession. Gordon Green, former chief of
the Governments Division at the U.S. Census Bureau and co-author of the
report (with fellow Census veteran John Coder), says, “Real income fell by
3.2 percent during [the recession]. And during the recovery it went down by
6.7 percent.” So “income [has] declined twice as much in the recovery as
in the recession itself.”
According to the report — which has been referenced by both the Wall Street
Journal and the New York Times — in early 2000, Americans’ median annual
household income was $55,836, in real (inflation-adjusted, June 2011)
dollars. By the start of the recession (in December 2007), Americans’ real
incomes had fallen 0.9 percent, to $55,309 — a decline of $527. During the
recession (which ended in June 2009), their incomes fell an additional 3.2
percent, to $53,518 — a decline of another $1,791. During the first two
years of the “recovery” (from June 2009 to June 2011), they fell an
additional 6.7 percent, to $49,909 — a decline of another $3,609.
So, from the start of 2000 to mid-2011, the typical American household’s
real income dropped nearly $6,000 — and more than 60 percent of that drop (
over $3,600) came after the start of the “recovery” and thus squarely on
Obama’s watch.
While the real median income of American households dropped 6.7 percent
during the first two years of the “recovery,” the incomes of many
households dropped even more than that. The income drop was steeper for
those under 25 years of age (their incomes were down 9.5 percent), for those
between 25 and 34 years of age (down 9.8 percent), for black Americans (
down 9.4 percent), for families with three or more children (down 9.5
percent), and for families headed by part-time workers (down 11.5 percent).
And that’s despite the fact that the report’s income tallies include
unemployment compensation and monetary public assistance (both state and
federal).
In fact, the anemic economy has meant that Americans’ incomes have declined
during the “recovery” even without adjusting for inflation. According to
Green, in actual (non-inflation-adjusted) dollars, the median American
household income was $51,140 at the start of the “recovery,” but it fell
to $49,909 two years later.
Suffice it to say, such declining incomes are giving new meaning to the word
“recovery.” |
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