Pethokoukis, Economics, Taxes and Spending

US median annual income falls 1.1% in February, down 6% since the start of the recovery

Credit: The New York Times

Credit: The New York Times

Some horrible statistics from The New York Times:

– For the first time in over a year, median annual income fell by a statistically significant amount from the previous month, according to a report from Sentier Research, a company run by former Census Bureau officials.

– Median annual household income (pretax) in February 2013 was $51,404, about 1.1 percent (or $590) lower than the January 2013 level of $51,994. The numbers are all pretax, and are adjusted for both inflation and seasonal changes.

– February’s median annual household income was 5.6 percent lower than it was in June 2009, the month the recovery technically began; 7.3 percent lower than in December 2007, when the most recent recession officially started; and 8.4 percent lower than in January 2000, the earliest date that this statistical series became available.

Reversing those numbers and boosting growth/job creation should be Washington’s top goal, not making sure the 2023 budget deficit is 0.0% rather than 0.5% or 0.9% through fiscal legerdemain or questionable assumptions.

6 thoughts on “US median annual income falls 1.1% in February, down 6% since the start of the recovery

  1. Wait until the sequester kicks in.We won’t feel the full brunt of the sequester until around June to July.I think the sequester is going to hit harder than most so called economist on TV are claiming.Some fed members are predicting 3 percent growth this year.If we get 1 percent GDP for 2013 with the $85 billion in mandated cuts by September well be lucky.Matter of fact I bet the jobs report will start to fall off a cliff starting in June.Then well start hearing about double dip recession.Yee Hawh every body!

  2. Nice job, Obama.

    Let’s piss away more money to Solyndra (bankrupt) and Fisker (about to be bankrupt). C’mon Barry, I’m sure you got more bankruptcy candidates up your sleeve….

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