As we’re all aware, this country entered into a recession in late 2007/early 2008. The reasons are myriad and I’m not going to take the text wall necessary to hash it all out.
The recession was a rough one. GDP fell substantially, unemployment doubled, home values declined by almost 1/3, stocks slid, the median American household earnings were reduced by just over $1,000 and the debt, well, at least something was growing. Right?
Fortunately, all that’s in the past. President Obama, and his panel of Top Men, declared that the recession ended in June 2009. Thank goodness. I mean, sure, gas prices are still high, construction is sluggish, home values are still below even conservative estimates and the debt continues to expand faster than Honey BooBoo’s neck rolls, but the American People are back to work.
What’s that? Unemployment is still high? Hmmm.
Well, the good news is that everyone’s dollar is going further.
Oh come on. Buying power in 2007 of $1,000 is $1,126.62 in 2013???
Ok, ok. But the actual, honest to God good news is that incomes are up. People may have to pay a little more, but they’re making more.
“New estimates derived from the Census Bureau’s Current Population Survey by Sentier Research indicate that the real (inflation-adjusted) median annual household income in America has fallen by 4.4 percent during the “recovery,” after having fallen by 1.8 during the recession.”
You’re telling me that not only are people not making what they did before the recession, they’re actually making SIGNIFICANTLY LESS THAN THEY DID DURING THE RECESSION?!?!?
Yes, yes I picked that gif for exactly the reason you’re thinking. Give me a break.
Well, if you will excuse me, I’ve got to go work harder for less money.