Obama Era: Income Down, Poverty Up (CBS report)

CBS reported yesterday: ‘Median Income Worse Now Than It Was During Great Recession’ (http://washington.cbslocal.com/2012/09/18/report-median-income-worse-now-than-it-was-during-great-recession) A new report put out by the Pew Research Center finds that the median income is worse now than it was during the Great Recession. According to Pew, the Census Bureau showed that the median income for American households in 2009 – the official end of the Great Recession – was $52,195 (in 2011 dollars), while the median income dipped to $50,054 last year, falling 4.1 percent over two years. [...] The poverty rate rose from 12.5 percent in 2007 to 15 percent last year as the median household wealth fell by 39 percent over a three-year span, from $131,016 in 2007 to $79,431 in 2010.

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