A recently-released survey shows that in the last two years proceeding the recession, overall income and real median household income fell significantly.
A report from Sentier Research called "Household Income Trends During the Recession and Economic Recovery," released on Monday shows that since the economic recovery began in June 2009, real median household income fell more during that period through June 2011 than it did during the recession from December 2007 to June 2009.
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Were in a Depression = In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by some economists as part of the modern business cycle.
Considered, by some economists, a rare and extreme form of recession, a depression is characterized by its length, by abnormally large increases in unemployment, falls in the availability of credit— often due to some kind of banking or financial crisis, shrinking output—as buyers dry up and suppliers cut back on production, and investment, large number of bankruptcies—including sovereign debt defaults, significantly reduced amounts of trade and commerce—especially international, as well as highly volatile relative currency value fluctuations—most often due to devaluations. Price deflation, financial crises and bank failures are also common elements of a depression that are not normally a part of a recession.
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