Officially the recession ended a few years ago and we’ve been in a “recovery” every since. Some recovery it’s been – a record number of people are on the welfare and federal disability rolls, employees’ hours are being cut to part time, most new jobs created are part time jobs, and the unemployment rate hasn’t been south of 7% even once. Now this: average household income is lower now than it was during the official recession.
The average American household is earning less than when the Great Recession ended four years ago, according to a report released Wednesday.
U.S. median household income, once adjusted for inflation, has fallen 4.4 percent in that time, according to the report from Sentier Research. The report is based on an analysis of Census Bureau data. (Read More)
President Obama didn’t mention any of the above during his speech in Syracuse this evening. He laid out his plan for higher education, which includes going around Congress. Of course the speech was sprinkled with plenty of class warfare and vilifying his political opposition. I’ll have more on that late.