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| Economy |
| Incomes have fallen more since recession ENDED than while economy was shrinking |
| 2011-10-12 |
| Household incomes in the U.S. dropped more in the two years after the recession ended than during it, new research shows. Household income in the US fell by 6.7 per cent between June 2009, when the recession officially ended, and June 2011, according to a study by two former US Census Bureau officials. The study based on monthly census surveys rather than annual data, also found that household income fell 3.2 per cent during the recession from December 2007 to June 2009. The rate of pay per hour of employed people has also failed to keep pace with inflation, as prices of oil and food have inched higher. Mr. Green and Mr. Coder, who both worked at the Census Bureau for more than 25 years also found that income declined substantially for households headed by people under age 62, but rose 4.7 per cent for homes headed by those aged 65 to 74 who were not working. Family households generally saw greater drops in income than other households, and men living alone experienced a bigger decline than women living alone. The type of employment also made a difference, the study showed. Incomes dropped by 4.3 per cent in households headed by private-sector wage workers and 3.9 per cent for government-sector workers. Self-employed people were hit hardest with a 12.3 per cent decline. In a separate study, Henry S. Farber, an economics professor at Princeton University in New Jersey, found that people who lost jobs in the recession and later found work again made an average of 17.5 percent less than they had in their old jobs. |
| Posted by:Eohippus Phater7165 |
| #13 You're welcome, Dale. So nice to see you demonstrate trainability! ;-) |
| Posted by: trailing wife 2011-10-12 13:38 |
| #12 link TW - TKY - Here we go. |
| Posted by: Dale 2011-10-12 13:26 |
| #11 Try Blossom Forkbeard2446's link now, Dale. I've buried both his link and yours, because they were breaking formatting, always uncomfortable for unsuspecting readers. When you want to post a link, write a key word , eg. link, highlight it, then click on the little icon below that looks like a globe sitting on goggles -- apparently those a meant to be two links of a chain -- and another box will pop up in which you can paste or type the URL. When you are done writing your post, click on Preview, which will show you what your post will look like...and you can test to see if your link works. I have found Preview very helpful over the years to catch my most egregious errors before they appear permanently before the public. |
| Posted by: trailing wife 2011-10-12 13:06 |
| #10 Blossom Forkbeard2446- I was unable to connect to your link. This is different story: Dale's link Watch video the woman speaks very well. Big repercussions from this. |
| Posted by: Dale 2011-10-12 12:45 |
| #9 Keep electing democrats, and you won't have to worry about income. |
| Posted by: newc 2011-10-12 12:22 |
| #8 If any of you are interested in a well-written, apolitical - albeit very economics heavy at times - assessment of the state of our economy along with a recommendation for a way out, check out this paper (link). I'd recommend reading the intro (pages 1-4) and then jump to Section V (the solution). Then go back and read the other sections if you're so inclined. |
| Posted by: Blossom Forkbeard2446 2011-10-12 11:23 |
| #7 Income shrinking? I noticed that too. Hard to get past the fact that things were better under George W. |
| Posted by: JohnQC 2011-10-12 10:05 |
| #6 Household income (I'm not sure if they meant median or mean income) works differently than GDP per capita. The GDP per capita began to rise in June 2009 as did the total number employed per the BLS employer survey. The household income survey is from a smaller sample and includes a substantial number of sole proprietor businesses as well as doctors, lawyers, financial consultants, etc. who get a lot of their income from business profits. Presumably, these business profits have been low and a lot of these businesses are not distributing the income and instead keeping them in the business as a hedge. |
| Posted by: Lord Garth 2011-10-12 10:02 |
| #5 Over the last five to eight years I have seen a decline in general business activity. Buck a meal deals are the only places doing well. Cheaper to eat there than to make a meal at home. The Self-employed people just disappear. The wealthy still dine in the fancy restaurants but not as often. Tips for waitresses are very poor at this time. Cremations are up as they are cheaper than a burial. When the weather makes its change many die due to the stress of it. Some people will always do well in the worst of times. "I seen me opportunities and I took-em". The business people I meet say "if they are telling you business is good their lying". |
| Posted by: Dale 2011-10-12 09:17 |
| #4 The credentialed claim the recession is over. They never take the time to check to see if their metrics are valid. Those are the same metrics which ignore the rise of prices and costs that the average citizen sees but somehow are not reflected in any degree in their calculations. |
| Posted by: Procopius2k 2011-10-12 09:05 |
| #3 I think what he means is if the recession becomes a depression then that means the recession is over. |
| Posted by: tu3031 2011-10-12 05:19 |
| #2 Recession ended? When? I missed the news! Time to rejoice? |
| Posted by: twobyfour 2011-10-12 01:35 |
| #1 Hope and change, baby. |
| Posted by: DarthVader 2011-10-12 00:28 |