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Negative $4,019
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Analysis by Sentier Research of U.S. census data shows U.S. median household income declined from $54,983 in Jan. 2009 to $50,964 in June 2012, adjusted for inflation. This is $4019 in lost real income. The decline is 8% from $55,470 in 2000 before the burst of the dot come bubble. Some of this is because of trends of smaller family, lower fertility rates and more Americans living alone. But as a look at the figures in this research by Catherine Rampell of the NYT, 8/23/2012 shows, the losses in income affects all demographics, hit blacks and people with some education like a high school diploma but no degree the hardest, and also reflects the persistence of long tem unemployment which lowers income.
U.S. Federal Reserve report on the drop in incomes and net worth of American families between 2007-2010
01/02/2009
The Fed documents the impact of the financial crisis of 2008-2009 on American families. Half the middle class is dislocated financially by the crisis and minorites fare badly. Median incomes drop 8% and housing asset values drop an average of 42%. Median net worth down 39% taking it back to where it was in 1992. American families work down their debt, reducing credit card balances.
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The Sentier Research study that shows median American household income decline of $4019 from Jan 2009 to June 2012
08/23/2012
Worst hit groups in terms of the decline are blacks, people 55-64 nearing retirement, those with a high school diploma but no college degree. The decline affects both younger and older Americans.
Linked Articles
Big Income Losses for Those Nearing Retirement
New York Times 08/23/2012
Wall Street Journal 08/25/2012
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