By Doug Cunningham
The American standard of living is in decline as household income for working families continues to fall. According to the Census Bureau inflation-adjusted median household income fell 9.8 percent from the start of the Bush Great Recession through June 2011. And it’s down 6.7 percent between the official end of the recession in June 2009 and June 2011. So our economic system not only is failing to create nearly enough jobs for us, those of us who still have jobs are watching our income go down in what’s supposed to be an economic recovery. Princeton economic professor Henry S. Farber found that workers who found work again after losing their jobs made an average of 17.5 percent less in their new jobs. Unless major changes are made in our economic and labor policies the American standard of living for all but those at the very top of our economic will continue to slide. The report on household income by Census Bureau officials Gordon W. Green Jr. and John F. Coder said this household income decline is a significant reduction in the American standard of living.
The American standard of living is in decline as household income for working families continues to fall. According to the Census Bureau inflation-adjusted median household income fell 9.8 percent from the start of the Bush Great Recession through June 2011.
So our economic system not only is failing to create nearly enough jobs for us, those of us who still have jobs are watching our income go down in what’s supposed to be an economic recovery.
Princeton economic professor Henry S. Farber also found that workers who found work again after losing their jobs made an average of 17.5 percent less in their new jobs.
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