Just a few observations from the latest Census report on Income in America.
- Real median household income declined by 3.6 percent between 2007 and 2008, from $52,163 to $50,303, following 3 years of annual income increases (Figure 1, Table 1, and Appendix A). The decline in income coincides with the recession that started in December 2007.
- Real median income declined for both family (3.3 percent) and non-family households (4.0 percent) between 2007 and 2008
- Households of each race category and those of Hispanic origin had declines in real median income between 2007 and 2008
- Native- and foreign-born households, including those maintained by a naturalized citizen, had declines in real median income between 2007 and 2008.6 Income remained statistically unchanged for households maintained by a noncitizen
- The South, Midwest, and West regions experienced declines in real median household income between 2007 and 2008, while income in the Northeast remained statistically unchanged
- Real median earnings of both men and women who worked full-time, year-round declined in 2008, following increases in 2007. Men’s earnings declined by 1.0 percent to $46,367 and women’s declined by 1.9 percent to $35,745.
This chart illustrates the issue. It comes down to no overall income increase in 10 years.