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Median Income Is $644 Less Than It Was In 1989

From the New York Times:

Household Incomes Remain Flat Despite Improving Economy

By ANNIE LOWREY | September 17, 2013

WASHINGTON — Despite the addition of more than two million jobs last year, soaring corporate profits and continuing economic growth, income for the typical American household did not rise in 2012 and poverty failed to fall, new data from the Census Bureau show…

Over a longer perspective, the figures reveal that the income of the median American household today, adjusted for inflation, is no higher than it was for the equivalent household in the late 1980s…

In fact, the median income is lower than in was in 1989. $664 lower. (See below.)

The government’s authoritative annual report on incomes, poverty and health insurance, released Tuesday, underscores that the economic recovery has largely failed to reach the poor and the middle class, even as the unemployment rate continues to sink and growth has returned…

BS. Nothing has sunk. Nothing is growing.

Since the recession ended in 2009, income gains have accrued almost entirely to the top earners, the Census Bureau found. The top 5 percent of earners — households making more than about $191,000 a year — have recovered their losses and earned about as much in 2012 as they did before the recession. But those in the bottom 80 percent of the income distribution are generally making considerably less than they had been, hit by high rates of unemployment and nonexistent wage growth…

Moreover, economists believe that the report understates the degree of income inequality in the United States, by not including, among other things, earnings from capital gains made on rising stock prices.

In other words, Obama’s ‘trickle down economy’ via ‘quantitative easing’ hasn’t worked. It’s only increased the dreaded ‘income inequality.’

Meanwhile, we have this from the Wonkblog at the Washington Post:

The typical American family makes less than it did in 1989

By Neil Irwin, Published: September 17, 2013

In 1989, the median American household made $51,681 in current dollars (the 2012 number, again, was $51,017). That means that 24 years ago, a middle class American family was making more than the a middle class family was making one year ago.

To be exact, $664 dollars less.

This isn’t a lost decade for economic gains for Americans. It is a lost generation.

And never mind that the generation wasn’t really lost until the last five years.

From CNS News

Census on Obama’s 1st Term: Real Median Income Down $2,627; People in Poverty Up 6,667,000; Record 46,496,000 Now Poor

By Terence P. Jeffrey | September 17, 2013

(CNSNews.com) – During the four years that marked President Barack Obama’s first term in office, the real median income of American households dropped by $2,627 and the number of people in poverty increased by approximately 6,667,000, according to data released today by the Census Bureau.

The record total of approximately 46,496,000 people in the United States who are now in poverty, according to the Census Bureau, is more than twice the population of Syria, which, according to the CIA, has 22,457,336 people.

Nice comparison.

In 2008, the year Obama was elected, real median household income in the United States was $53,644 according to the Census Bureau. In 2012, the last full year of Obama’s first term, median household income was $51,017. Thus, real median household income dropped $2,627—or 4.89 percent—from 2008 to 2012.

In fact, real median household income dropped in every year of Obama’s first term. In 2008, when he was elected, it was $53,644. In 2009, the year he was inaugurated, it dropped to 53,285. In 2010, his second year in office, it dropped to $51,892. In 2011, his third year in office, it dropped to $51,100. And, in 2012, his fourth year in office, it dropped to $51,017.

At the same time the number of people living in poverty in the United States increased. In 2008, according to the Census Bureau, there were approximately 39,829,000 people living in poverty in this country. In 2012, there were 46,496,000. That is an increase of approximately 6,667,000—of 16.73 percent—from 2008 to 2012.

The number of people in poverty increased during three of the four years of Obama’s first term–taking a slight dip from 2010 to 2011, but then rising again from 2011 to 2012. In 2008, there were 39,829 people in poverty in the U.S. In 2009, it climbed to 43,569. In 2010, it climbed again to 46,343. In 2011, it dipped to 46,247. And, in 2012, it climbed to an all-time high 46,496.

In 2008, the year Obama was elected, people in poverty represented 13.2 percent of the national population. In 2012, they represented 15.0 percent of the population…

Meanwhile, the rest of the media is trying to blame the recession, which has been officially over for more than four years. (And if you compare 2008 to the late 1980s, things were actually much better in 2008.) 

Yes, there was a recession, but there have always been recessions. All of this bad news is really the result of the worst economic recovery in our nation’s history. Which is the result of Obama’s economic policies. And, worse yet, it’s probably been deliberate.

This article was posted by Steve Gilbert on Wednesday, September 18th, 2013. Comments are currently closed.

One Response to “Median Income Is $644 Less Than It Was In 1989”

  1. I thought I noticed a drop in my available income …


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