U.S. Household Income Drops Dramatically Over The Last Two Years
In what appears to be the largest drop in decades, U.S. household income paced negatively the last two years.
During the recession, which economists say lasted from Dec. 2007 to June 2009, the median annual household income fell by 3.2 percent, from $55,309 to $53,518, according to a report authored by two former U.S. Census Bureau officials. But in the post-recession period from June 2009 to June 2011, the figure fell by 6.7 percent, from $53,518 in June 2009 to $49,909 in June 2011.
These figures represent the most-significant drop in expected household incomes in America in decades.
“A decline of this magnitude represents a significant reduction in the American standard of living,” Gordon Green and John Coder wrote.