US income has declined by 7.2% since 2000: Report
Press TV – August 22, 2013
US median income has declined by 7.2 percent since 2000 presenting fresh evidence of the deep economic stagnation the nation has suffered for more than a decade, according to a new report.
US median household income, adjusted for inflation, has also fallen 4.4 percent to $52,098 since the recession officially ended in 2009, according to the report released Wednesday from Sentier Research.
Current US median household income is 6.1 percent below the $55,480 that the median household took in when the recession began in December 2007.
The report, underscoring the lasting damage wrought by the economic downturn, is based on an analysis of Census Bureau data.
Economists view median income as a key marker for the well-being of the nation’s middle class.
Analysts said the report reflects the shrinking middle class and the increasing economic gap between the rich and poor, indicated in previous studies as well.
“Median income is affected by trends in inequality, and you are seeing that to the extent there has been income growth in the past decade, it has disproportionately gone to those at the top and very top,” said Gregory Acs, director of the Income and Benefits Policy Center at the Urban Institute, a research organization.
Income is down even though the number of people who report having a college degree is up sharply since the end of the recession, the report said.
Part of the decline in Americans’ income is because of the surge in part-time hiring by US businesses.
Three out of four of the nearly 1 million people hired by US businesses this year are working part-time or receive low wages, according to the Bureau of Labor Statistics.
Thousands of frustrated fast-food and retail workers in the US are planning another job strike across the country on Aug, 29 to protest low wages and part-time work.
Average U.S. Household Has Lost 5% in Annual Income Since Economic “Recovery” Began
By Matt Bewig | AllGov | August 27, 2012
The rich are getting richer, and the poor really are getting poorer. According to a new report, Americans are earning less today on average than they were when the Great Recession, which began in December 2007, ended in June 2009. Using Census Bureau data, economists Gordon Green and John Coder determined that real median household income has actually fallen by 4.8% since the recession’s end. Even more surprisingly, they found that the decline since June 2009 was larger than the 2.6 percent decline that occurred during the recession. Adding them together, Green and Coder conclude that average household income has fallen 7.2% since December 2007.
According to Green, “almost every group is worse off now than it was three years ago, with the exception of households with householders 65 years old and over. For some groups of households—Blacks, men living alone, younger and upper-middle age brackets, those with some college but no degree, the unemployed, the self-employed, and those living in the West—the declines tended to be larger than average.” Racial inequality is reflected in the fact that income for white households declined by 5.2% while income for black households dropped by 11.1%, or more than twice the rate.
Not everyone has experienced a drop in income, however. As AllGov reported in July, a study from Northeastern University found that “corporate profits captured 88 percent of the growth in real national income while aggregate wages and salaries accounted for only slightly more than 1 percent” of growth since the recovery began in 2009. Corporations are posting record profits, while investors, who are disproportionately wealthy already, are earning large capital gains that are taxed at special low rates, leading to greater inequality and even slower economic growth.
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The lies about the 1967 war are still more powerful than the truth
By Alan Hart | June 4, 2012
In retrospect it can be seen that the 1967 war, the Six Days War, was the turning point in the relationship between the Zionist state of Israel and the Jews of the world (the majority of Jews who prefer to live not in Israel but as citizens of many other nations). Until the 1967 war, and with the exception of a minority of who were politically active, most non-Israeli Jews did not have – how can I put it? – a great empathy with Zionism’s child. Israel was there and, in the sub-consciousness, a refuge of last resort; but the Jewish nationalism it represented had not generated the overtly enthusiastic support of the Jews of the world. The Jews of Israel were in their chosen place and the Jews of the world were in their chosen places. There was not, so to speak, a great feeling of togetherness. At a point David Ben-Gurion, Israel’s founding father and first prime minister, was so disillusioned by the indifference of world Jewry that he went public with his criticism – not enough Jews were coming to live in Israel.
So how and why did the 1967 war transform the relationship between the Jews of the world and Israel? … continue
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