The typical US household saw its income fall last year to 1989 levels.
That news, contained in a US Census Bureau survey released Wednesday, points to difficult questions of how the US can get back on a track of job growth and rising prosperity.
Median incomes fell 1.5 percent in 2011, while the official poverty rate remained essentially unchanged at 15 percent.
A family right in the middle of the income spectrum had an income of $50,054, which is actually lower than the 1989 median level of $50,624 expressed in 2011 dollars. The implication: For much of America the economy has produced not just one lost decade but two. Stagnation has even hit wealthier and more educated households (the 95th percentile in the Census data) for the past decade.
Why the hard times? And what can be done about it?
More @ Yahoo
Hell...I made more money in 89
ReplyDeletethan now*
ReplyDeleteHeh! I guess you got the update and anyone else coming since your last question? We are going to have some door prizes this time. Looks like a shotgun, VHF and other goodies. I'll post these shortly.
DeleteI did. Theres still several that are saying that they're coming. I've told them to send in their fees but it doesn't look they have, huh? Joe Brown said he was going to send in his and attend.
DeleteThanks and Michael said he could bring wood, but I told him I thought you were........?
Delete