Wednesday, March 01, 2006

Americans worse off financially

From the Kansas City Star (requires free registration):

Corporate profits have surged since the 2001 recession. Stock market values for the roughly half of all households with such investments have rebounded somewhat from the tech and telecom bust. A housing boom has increased many families’ paper net worth, allowing them to borrow against their homes to support their spending.

But the median U.S. household income declined from $46,058 in 2000 to $44,389 in 2004, when adjusted for the rate of inflation, according to the U.S. Census Bureau. This means half of all households earned more and half less.

Similarly, the mean (or average) household income slipped from an inflation-adjusted $62,671 to $60,528 over the same period, the bureau reported.....

Job losses, difficulty finding re-employment quickly, and landing new jobs that pay less than the old ones have all contributed to the financial crunch in many households. But the financial stresses facing households run deeper.

But I'm sure it's Clinton's fault. Or the terrorists. Of course, if the trend were reversed, Bush would be taking full credit.


Wagstaff said...

Are you saying the economy is in the crapper? Dude, you're harshing my mellow.

Edward Copeland said...

Of course, that's only part of the story. American net worth has also fallen, inflation is rising and the bankruptcy reforms are making things worse.

Anonymous said...

Ughhhhh... Are you kidding me? What kind of sellective polls are you worshipping? Get back to your life and quit whinning, or go stand on a street corner with your "the end is near!" sandwich-board like a normal lunatic. Blamers are a big waste of time and energy.