The Hidden Recession: Most Americans Remain Worse Off After 2008
Just a reminder not to believe rosy news you hear about how well the economy is doing. The ugly truth is that for most Americans, the 2008 recession never ended:
Newly released income and wealth data from the Federal Reserve Board’s triennial Survey of Consumer Finances show that America’s richest families enjoyed gains in income and net worth over the last decade. Not part of the top 10 percent? Then your income probably fell. The data show that families ranked in the highest percentile saw an income gain of $16,300 from 2007 to 2016. Those below are still making less money.
When it comes to wealth, the gap is even bigger. In 2007, half of families had a net worth of $139,700 or more and half fell below this level. By 2016, the midpoint dropped to $97,300 — a decline of $42,600. Families ranked in the top tenth of net worth have enjoyed a sizable gain since 2007: a $132,100 rise in net worth to reach almost $1.2 million.
It is important not to be deceived by the lies coming from Washington that the economy has recovered. There has been no recovery at all; the whole thing was a smoke and mirrors game by the media and the Obama administration.