Wednesday, September 18, 2013

Sinking Incomes

As Wonkblog notes, new Census data suggests that the median US household made as much in 1989 as it did in 2012 when adjusting for inflation.
In 1989, the median American household made $51,681 in current dollars (the 2012 number, again, 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.
Incomes did climb throughout the 1990s.  But the median income has not eclipsed its 2000 peak, and there's been a pretty persistent decline in median income since 2007---including during the purported "recovery."

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