The Result of Keynesian Economic Theory: American Household Income is still 6% below Pre-recession Levels.

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The Result of Keynesian Economic Theory: American Household Income is still 6% below Pre-recession Levels.

Posted By LambChop

From the UK DAILY MAIL:

The average American household is now earning LESS income than it did at the end of the Great Recession. (Only Boomers 65-74 saw an increase in average income from $40,885 to $42,984.) The U.S. median household income (adjusted for inflation) has fallen 4.4 percent since the official end of the recession, according to Census Bureau statistics. Though median income has risen since plummeting after 2008 and hitting a low in summer 2011, average American household income is still 6% below pre-recession levels.

Younger people and those aged between 55 and 64 were hit worse than other age groups. In the older group, income dropped from $62,842 to $58,432 on average.
An increase in college enrollment during the recovery caused income to drop across all education levels.
Households headed by unemployed persons were the hardest hit of all with a 21 percent decrease in average income.
Americans household headed by those aged 55-64: Income down 7 percent
Householders under 25 years old: Income down 9.6 percent
Householders 65-74 were saw the only increase: Income up 5.1 percent
Black household income dropped 10.9 percent
Hispanic households saw a 4.5 percent drop
Southern households saw an average income decline of 6.2 percent
Northeastern household income dropped 3.9 percent
Households living in the West saw a 5.4 percent decline
The average income for single people fell from $33,815 to $31,166. Men living alone were hit worse than women living alone with a drop of 9.1 and 6.5 percent drops respectively.
Married couples were affected less so. Average income for them fell by 2.6 percent.