Incomes Have Dropped Twice as Much During the 'Recovery' as During the Recession

[daveman]

Incomes Have Dropped Twice as Much During the 'Recovery' as During the Recession

New estimates derived from the Census Bureau's Current Population Survey by Sentier Research indicate that the real (inflation-adjusted) median annual household income in America has fallen by 4.4 percent during the "recovery," after having fallen by 1.8 during the recession. During the recession, the median American household income fell by $1,002 (from $55,480 to $54,478). During the recovery—that is, from the officially defined end of the recession (in June 2009) to the most recent month for which figures are available (June 2013)—the median American household income has fallen by $2,380 (from $54,478 to $52,098). So the typical American household is making almost $2,400 less per year (in constant 2013 dollars) than it was four years ago, when the Obama "recovery" began.​

Gobama!

 

[Rozman]

Well I'm sure the Democrats have a response to this...
More government programs.
More government spending.
Raise taxes...

 

[Rozman]

And Obama looks at this as nothing to do with him I'm sure.

 

[AmazonTania]

Wait. That's not suppose to happen...

 

[daveman]

Darn that Bush!

 

[oldfart]

Incomes Have Dropped Twice as Much During the 'Recovery' as During the Recession

New estimates derived from the Census Bureau's Current Population Survey by Sentier Research indicate that the real (inflation-adjusted) median annual household income in America has fallen by 4.4 percent during the "recovery," after having fallen by 1.8 during the recession. During the recession, the median American household income fell by $1,002 (from $55,480 to $54,478). During the recovery—that is, from the officially defined end of the recession (in June 2009) to the most recent month for which figures are available (June 2013)—the median American household income has fallen by $2,380 (from $54,478 to $52,098). So the typical American household is making almost $2,400 less per year (in constant 2013 dollars) than it was four years ago, when the Obama "recovery" began.​

Gobama!

On another thread, I referred to a recent paper:

I note a recent paper by Antonio Fatás and Ilian Mihov dated August 14 that revisits business cycle theory.

Here: Recoveries: The missing third phase of the business cycle | vox

Basically they use NBER dating for peak and trough dates by quarter for downturns since 1948 and a new measure which I don't fully understand (you have to pay to get the actual paper, and I'm cheap, so I can't look at the methodological notes) to date a quarter of "recovery" where GDP rejoins a long-term trend line.

In five recessions beginning in 1948 through 1969 the recovery lasted 3 to 5 quarters beyond the official end of the recession by NBER definitions. Since then three recessions ('73, '81, and '90) had recoveries lasting 5 or 6 quarters, two ('80 & '01) did not achieve a recovery before the next recession hit, and the current one is 16 quarters and counting. [Table 1] Clearly the nature of recessions and especially of recoveries changed about 1980.

The same paper shows in Table 2 that the relation of output loss in the recession to that lost in the recovery varies wildly, but that the current downturn is unusual in that the losses during the recovery are three times the losses during the recession and climbing.

 

[OnePercenter]

Darn that Bush!

When your right, your right! If Bush/Republicans/wall street hadn't crashed the economy there would be monies for business subsidies!

 

[rdean]

Republicans won't let us even try to fix their mess, the fuckers.

 

[S.J.]

It's Rush Limbaugh's fault.

 

[ScreamingEagle]

it appears Obamao's war against middle class jobs is winning....and we haven't even felt the full effects of Obummercare yet......

 

[S.J.]

it appears Obamao's war against middle class jobs is winning....and we haven't even felt the full effects of Obummercare yet......

He's done one hell of a job dividing the country, hasn't he? Pitting blacks against whites, opening the flood gates to illegal immigration, sanctioning voter fraud and voter intimidation, supporting terrorists, siding with our enemies and snubbing our allies, all while destroying the economy by piling on more debt than we can ever hope to repay.

He has destroyed the future for the next generation and beyond with his relentless assault on the free market. He is, without a doubt, the worst thing to ever to happen to the United States.