There’s more bad economic news out there today. When adjusted for inflation, the median income for middle class American families is now less than it was in 1989.
Headlines about these numbers tend to focus on how we have now experienced a lost decade for the middle-class American family, with incomes back to their late 1990s level. But as the chart shows it’s really worse than that.
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.
This isn’t a lost decade for economic gains for Americans. It is a lost generation. (Read More)
If you follow the link and look at the chart you’ll see that the sharp decline in middle class wages began after Democrats took control of the Congress while Bush was president, and has continued to fall ever since. President Obama goes out there touting this new economy of his when he ought to be apologizing instead.
Update: It gets worse, the number of Americans living in poverty has skyrocketed under Obama’s leadership. Not that this should come as a surprise to anyone who is informed.
A record 23,116,928 American households were enrolled in the federal government’s Supplemental Nutrition Assistance Program (SNAP)—AKA food stamps—during the month of June, according to data released this month by the Department of Agriculture.
That outnumbers the 20,618,000 households that the Census Bureau estimated were in the entire Northeastern United States as of the second quarter of 2013.
According to the Census Bureau, the Northeast region includes Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, New Jersey, New York, Pennsylvania. Thus, in June, the households receiving food stamps exceeded the total combined households in all of these states.
The 23,116,928 million households on food stamps in June also outnumbered the 15,030,000 home-owning households in the entire Western United States in the second quarter of the year and the 18,018,000 home-owning households in the entire Midwest. (Read More)