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Incomes Fell or Stagnated in Most States Last Year

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A Sept 2012 Census Bureau report shows the median income of a typical U.S. family declined or was flat in almost all states in 2011. Median household income declined in Nevada by 6%, in California by 3.8%. In Arizona and Florida incomes declined by 2.9%. For the U.S. median income declined by 1.3% to $50,502 in 2011. Poverty continues to increase, with California showing 335,760 people falling into annual income levels below $23,021 for a family of four in 2011, giving the state a 16.6% poverty rate.

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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Lost Decade for Family Income

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More Men in Prime Working Ages Don't Have Jobs

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High unemployment and declining wages in the U.S.: 2010-2012

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Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones

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A previous generation could count on good jobs in manufacturing with only a high school education. The last two decades of globalization have hit manufacturing jobs and wages in the U.S. hard and the impact is greatest on people without a college education. Other problems aggravating income and causing poverty is the increase of dropout rates from the labor force of young white American men, the effects of drug use and the lack of stable marraiges. This creates an underclass of whites in America, similiar to the underclass among minorities.

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Racial Wealth Gap Widened During Recession

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Young and Isolated

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8 States to Raise Minimum Wage

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If only 1.9 million hourly workers earned more than $20 per hour in April 2008, when the deep downturn that hit in October 2008 had not ocurred and the shift to part time employment and lower auto related wages was just underway, what would the numbers look like by 2010? And what does that mean for consumption? Does it prolong the downturn with demand slow to pick up? What does it mean for exports from China?

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In Atlanta, Housing Woes Reflect Nation’s Economic Pain

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Incomes Fell or Stagnated in Most States Last Year

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Jefferson County, Ala., Falls Off the Bankruptcy Cliff

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High costs on the Kans City Power & Light entertainment district intended to revive the downtown area. Furture property and sales taxes were committed by the city government for payment of costs if returns came up short, which is the situation today. This puts the city's finances on a precarious footing.

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