No matter how hard some people try to spin the numbers, the U.S. economy just isn’t on the “right track” for many Americans.
Consider, for example, the fact that U.S. household median annual incomes have dropped from $53,508 to $50,964 since June 2009, according to new report from Sentier Research.
That’s a decline of 4.8 percent over a three-year period.
And that’s not all: As Business Insider’s Jill Krasny notes, “several types of households fared much worse than that.”
“[A]lmost every group is worse off now than it was three years ago, with the exception of households with householders 65-years-old and over,” said Sentier Research’s Gordon Green.
Well, at least we got that, right?
Based on a closer inspection of the report, Business Insider put together the following list of who’s “falling behind”:
Non-family households: This group saw its real median annual income decline by 7.5 percent, from $33,002 to $30,512. Family households declined a little less than that by 4.7 percent.
Single households: Men living alone saw their real median income drop by 9.4 percent, while women’s dropped by 4.5 percent.
Black households: Compared to white and Hispanic households, Black householders’ income declined the most by 11.1 percent, from $35,567 to $32,498.
Householders without a college degree: People with some education but no degree saw their real median annual income slide by 9.3 percent, from $50,948 to $46,200. Associates degree holders saw theirs taper off by 8.6 percent, from $60,602 to $55,374.
Self-employed households: This group’s annual income fell 9.4 percent, from $73,695 to $66,752. Private sector workers fared only a little bit better, with a decline of 4.5 percent.
Households in the West: In contrast to households in the Midwest region which barely saw a decline, households in the West felt their yearly incomes decrease by 8.5 percent, from $59,065 to $54,071.
Households with householders between 55 and 66: Compared to millennials who saw their real median household income drop 8.9 percent, boomers’ declined by 9.7 percent, from $61,716 to $55,748.
Final Thought: Per the Sentier Research report, the decline in household income began in 2009. What else supposedly began in 2009? Here’s a hint: the so-called “recovery” (okay, that’s not so much of a hint as it’s an answer).
You know what this means, right? It means household income has fallen more during the “recovery” (4.8 percent) than it did during the recession (2.6 percent). Just think about that.
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Front page photo courtesy the AP.
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