But there has been no economic recovery on “Main Street”.
According to the Sentier Research report mentioned above, incomes have been declining in all geographic regions of the country and in all sectors of the economy….
-Median household income for the self-employed has fallen 9.4 percent since June 2009.
-Median household income for private sector employees has fallen 4.5 percent since June 2009.
-Median household income for government workers has fallen 3.5 percent since June 2009.
-Median household income for Americans living in the West has fallen 8.5 percent since June 2009.
-Median household income for Americans living in the Northeast has fallen 4.9 percent since June 2009.
-Median household income for Americans living in the South has also fallen 4.9 percent since June 2009.
-Median household income for Americans living in the Midwest has fallen 1.1 percent since June 2009.
Remember, the recession supposedly ended in June 2009.
Since that time we have supposedly been in a “recovery”.
So if it has seemed to you that American families have been getting poorer it has not just been your imagination.
In a previous article, I detailed 84 statistics that prove that the middle class in America is being systematically destroyed. If you have not read it yet, I encourage you to go check it out. At this point it is absolutely undeniable that the middle class in America is declining. The following are just a couple of the numbers from my recent article….
1. According to the Pew Research Center, 61 percent of all Americans were “middle income” back in 1971. Today, only 51 percent of all Americans are.
2. The Pew Research Center has also found that 85 percent of middle class Americans say that it is harder to maintain a middle class standard of living today compared with 10 years ago.
3. 62 percent of middle class Americans say that they have had to reduce household spending over the past year.
4. The average net worth of a middle class family in America was $129,582 in 2001. By 2010 that figure had dropped to $93,150.
5. According to the Federal Reserve, the median net worth of all families in the United States declined “from $126,400 in 2007 to $77,300 in 2010“.
You can find 79 more statistics just like this right here.
At the same time that our incomes are going down, the cost of living just continues to rise steadily.
