HOW OBAMANOMICS FAILED: American incomes declined more in the three-year period that was supposed to mark our "recovery" from the Great Recession than during the period preceding it.
Median household income fell 4.8 percent on an inflation- adjusted basis since June 2009, more than the 2.6 percent drop during the 18-months before that, 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, today. “We’re in an unprecedented period of economic stagnation.”