U.S. Income Levels Plunged as Recession Lifted
More interesting, perhaps, than this New York Times article’s proffered data on falling household incomes and the reasons for same is its official timeline for our nation’s most recent recession: “… From December 2007 to June 2009.” This factoid may fly in the face of many Americans’ current economic conditions, so let’s explore this issue further, shall we?
It’s worth noting that at least one economic expert cited in this piece doesn’t think the recession is over — follow the jump below to the Times piece to read his testimony. –KA
The New York Times:
In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has found.
Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.
The finding helps explain why Americans’ attitudes toward the economy, the country’s direction and its political leaders have continued to sour even as the economy has been growing. Unhappiness and anger have come to dominate the political scene, including the early stages of the 2012 presidential campaign.