In another sign that the economic recovery under President Obama is
not producing gains for average Americans, median household incomes fell
1.1% in August to $50,678, according to a report released Tuesday by
Sentier Research.
Since the economic recovery started in June 2009, household incomes are down 5.7%, the Sentier data show, and they are down more than 8% since Obama took office.
"Even though we are technically in an economic recovery, real median annual household income is having a difficult time maintaining its present level, much less recovering," said Sentier co-founder and former Census Bureau official Gordon Green.
Earlier this month, the Census Bureau released its annual report showing that the number of people in poverty was nearly 3 million higher in 2011 than in 2009, an increase of 6%.
That report also found that average incomes for middle- and lower-income households fell in 2011 after adjusting for inflation. They rose only for the wealthiest 20% of households.
Middle-Class Squeeze
The average inflation-adjusted income for households in the middle 20% is now lower than it's been since 1995, the census report found.
Meanwhile, another report released Tuesday finds that per-capita health costs jumped 4.6% last year, marking a turnaround from previous years, which had seen annual cost increases moderating. The Health Care Cost Institutereport found that rising prices are a "major driver" of the cost increases.
And a report from the Centers for Disease Control and Prevention released this month found that the number of uninsured climbed 1 million in the first three months of 2012 compared with last year.
Read more: http://news.investors.com/092512-626958-household-income-down-82-under-president-obama.aspx?src=HPLNews
Since the economic recovery started in June 2009, household incomes are down 5.7%, the Sentier data show, and they are down more than 8% since Obama took office.
"Even though we are technically in an economic recovery, real median annual household income is having a difficult time maintaining its present level, much less recovering," said Sentier co-founder and former Census Bureau official Gordon Green.
Earlier this month, the Census Bureau released its annual report showing that the number of people in poverty was nearly 3 million higher in 2011 than in 2009, an increase of 6%.
That report also found that average incomes for middle- and lower-income households fell in 2011 after adjusting for inflation. They rose only for the wealthiest 20% of households.
Middle-Class Squeeze
The average inflation-adjusted income for households in the middle 20% is now lower than it's been since 1995, the census report found.
Meanwhile, another report released Tuesday finds that per-capita health costs jumped 4.6% last year, marking a turnaround from previous years, which had seen annual cost increases moderating. The Health Care Cost Institutereport found that rising prices are a "major driver" of the cost increases.
And a report from the Centers for Disease Control and Prevention released this month found that the number of uninsured climbed 1 million in the first three months of 2012 compared with last year.
Read more: http://news.investors.com/092512-626958-household-income-down-82-under-president-obama.aspx?src=HPLNews
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