Sunday, September 16, 2012
Household Income Dropped To Its Lowest Point Since 1995
In the aftermath of the Great Recession, household income dropped once again in 2011 while the poverty level stayed flat after three straight years of increases, the Census Bureau said Wednesday.
Median household incomes adjusted for inflation fell 1.5 percent to $50,054.
That’s 8.1 percent lower than it had been in 2007, the year before the recession, and almost 9 percent lower than the peak income level reached in 1999.
The last time median household income was lower was 1995 – meaning it’s been a lost decade and a half for Americans looking to get ahead.
The gross domestic product has gone from $7.4 trillion to $15.1 trillion in current-dollar terms over that time, suggesting that families have fallen behind even as the economy has expanded.
The poverty rate last year dipped from 15.1 percent to 15 percent, a statistically insignificant change, as the number of people living in poverty stayed at 46.2 million, including 16.1 million children. Census Bureau officials suggested that workers shifting from part-time to full-time work as the employment picture improved may have helped keep the poverty level stable. Expanded unemployment benefits also helped.
at 9/16/2012 12:30:00 PM