« | »

Incomes Fell More In Recovery Than Recession

From Bloomberg News, of all places:

U.S. Incomes Fell More in Recovery, Sentier Says

By Jeff Kearns – Aug 23, 2012

American incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression, according an analysis of U.S. Census Bureau data by Sentier Research LLC.

Median household income fell 4.8 percent on an inflation- adjusted basis since the recession ended in June 2009, more than the 2.6 percent drop during the 18-month contraction, the research firm’s Gordon Green and John Coder wrote in a report today.

Household income is 7.2 percent below the December 2007 level, the former Census Bureau economic statisticians wrote.

“Almost every group is worse off than it was three years ago, and some groups had very large declines in income,” Green, who previously directed work on the Census Bureau’s income and poverty statistics program, said in a phone interview today. “We’re in an unprecedented period of economic stagnation.” …

Get used to it. This is the ‘new normal.’ Especially, if Obama is re-elected.

Real median annual household income fell to $53,508 from $54,916 during the 18-month recession from December 2007 to June 2009, according to the firm’s study of income data for the 36- month period ended in June 2012. Incomes kept falling during the 36-month period since then, dropping to $50,964 in June 2012.

Men living alone experienced the worst drop in income, losing 9.4 percent, while married couples fared best with a 3.6 percent decline, the report shows.

How come we never hear about Obama’s War On Single Men? — Or, for that matter, his War On The US Economy, in general?

“Median annual household income declined significantly for both family and non-family households,” Green and Coder wrote. “Real median annual household income declined more significantly for younger households.”

Or his War On The Young?

Incomes for all age groups below 65 years fell, while older Americans saw increases. Incomes for those 55 to 64 fell the most, losing 9.7 percent, followed by the 8.9 percent decline for 25- to 34-year-olds

And yet senior citizens seem to dislike Obama the most.

By education, Americans with some college lost the most, with incomes falling 9.3 percent, followed by an 8.6 percent slump for those with associate degrees, the report said. Those without high school degrees lost the least, falling 5.3 percent…

And yet we are told that this latter group are the ones who are the most opposed to Obama. Again, go figure.

Green is a former chief of the governments division at the Census Bureau, the report said. Coder was chief of the Income Statistics Branch at the bureau, where he oversaw collection and processing of income data and developed new survey methods.

So they don’t seem to have any ideological axes to grind.

But doesn’t it seem like we get some incredibly shocking economic report like this every day? And yet we hear nothing about them from Obama’s collaborators in our mainstream news media.

Just imagine how a study like this would be reported if this had happened under a Republican administration. Just imagine how marginalized the Democrats would be, if only we had a semblance of a fair and balanced news media.

This article was posted by Steve on Friday, August 24th, 2012. Comments are currently closed.

One Response to “Incomes Fell More In Recovery Than Recession”

  1. kevndhaus says:

    The title of the article has since been given a more friendly “Obama spin”.

    Now it’s “U.S. Incomes Feel More in Recovery, Sentier Says ”


« Front Page | To Top
« | »