The New York Times this morning leads with a story based on a report by a private consulting firm called Sentier Research LLC. In the chart that follows, the quote below the plummeting red line is a measurement of income for the typical household and the skyrocketing black line is the unemployment rate. If you come across anyone arguing that we should do nothing to spur job growth, it is probably because profits measured as a share of national income reached their highest share since World War II, even while incomes have been decimated by high unemployment.
- Robert Pear, The New York Times — Recession Officially Over, U.S. Incomes Kept Falling:
Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.