« Links for 09-17-2013 | Main | 'Low Inflation in August' »

Tuesday, September 17, 2013

'A Lost Generation'

The income of the median household is moving in the wrong direction:

The typical American family makes less than it did in 1989, by Neil Irwin: The Census Bureau is out with the annual report on incomes and poverty. ... For my money, the most depressing fact about the economy is not the fact that household incomes were basically flat in 2012... It wasn't even the fact that 15 percent of the U.S. population was living in poverty, according to the official, flawed definition of the term.
Nah, the most depressing result comes when you look at the longer view of household incomes in the United States. ...
Headlines about these numbers tend to focus on how we have now experienced a lost decade for the middle-class American family... But ... it's really worse than that.
In 1989, the median American household made $51,681 in current dollars (the 2012 number ... was $51,017). That means that 24 years ago, a middle class American family was making more than the a middle class family was making one year ago.
This isn't a lost decade for economic gains for Americans. It is a lost generation.

    Posted by on Tuesday, September 17, 2013 at 08:33 AM in Economics, Income Distribution | Permalink  Comments (88)


    Feed You can follow this conversation by subscribing to the comment feed for this post.