The Richest Americans Are Winning the Economic Recovery--Bloomberg Business Report

[KoKo]

The Richest Americans Are Winning the Economic Recovery
Their incomes have fully recovered—and then some
Victoria Stilwell Alexandre Tanzi
Benchmark
September 16, 2015 — 1:17 PM EDT

U.S. Census Bureau data out Wednesday underscore just how lousy the recovery has been if you aren't rich.

Looking at eight groups of household income selected by Census, only those whose incomes are already high to begin with have seen improvement since 2006, the last full year of expansion before the recession. Households at the 95th and 90th percentiles had larger earnings through 2014, the latest year for which data are available.

Income for all others was below 2006 levels, indicating they're still clawing their way out of the hole caused by the deepest recession in the post-World War II era.


"Each decade, it's taken longer for the poor to recover from recession, for the poverty rate to start turning around after the official end of the recession," said Arloc Sherman, a senior fellow at the Center on Budget and Policy Priorities in Washington. "There's quite a bit of work left to do."

Median household income is 6.5 percent lower than in 2007, the year the recession started.

Overall, median income was $53,657 in 2014, not a statistically significant difference on an inflation-adjusted basis from 2013's median of $54,462. It's the third straight year that there's been no significant change, after two consecutive years of annual declines.

That's happened even though the labor market has posted steady progress. The number of men working full time and year-round in 2014 increased by 1.2 million from a year earlier while the number of women gained 1.6 million. The changes in their real median earnings, however, weren't statistically significant.

Meanwhile, the official poverty rate was 14.8 percent, with some 46.7 million people in poverty—both little changed from 2013. The rate is 2.3 percentage points higher than it was in 2007.

http://www.bloomberg.com/news/articles/2015-09-16/the-richest-americans-are-winning-the-economy-recovery

[Wellstone ruled]

1. Yes,thank you for the

excellent post,just finished reading this on the Bloomberg. Now this is real news don't think you will find it at CNN or Fake Noise.

[Doctor_J]

2. is this supposed to be news?

I'll rec it, but Christ, you have to be an imbecile not to know this

[KoKo]

4. I know- but, its from "Bloomberg Business"....and current..

That's why I thought it was interesting. Its what Bernie has his Campaign based on but a new study shows things are getting worse.

[Rex]

3. Of course they are and they pay PR trolls millions every year

to push their pet corporations ideas unto the unsuspecting and naives.