While our friends in the legacy media were gasping and clutching their pearls at Mitt Romney’s reference to his birth certificate, an economic report came out which is, perhaps, more significant than the unemployment number. It involves something which effects all of us, not just those looking for work.
Most of us don’t even need this report to inform us that
Household income is down sharply since the recession ended three years ago, according to a report released Thursday, providing another sign of the stubborn weakness of the economic recovery.
From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent, to $50,964, according to a report by Sentier Research, a firm headed by two former Census Bureau officials.
Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey.
(H/t: Jim Geraghty.) We feel this every day when, after paying for groceries and other necessities, we have less to spend on entertainment, recreation and relaxation. Over at Newsbusters, Ken Shepherd notes that the Washington Post buried this news on Page A10.
Our incomes declined more in the Obama recovery than they did in the Bush-Reid-Pelosi recession. You’d think this would be a little more newsworthy than Mitt Romney’s recent comment or Todd Akin’s crazy statement.
But, then, we don’t need the media to tell us we have less disposable income today than we did when Obama took office. But, you’d think folks ever so eager to analyze Akin’s gaffe might also be willing to analyze why this recovery has been so lackluster, with incomes declining more under the best years of the Obama administration than under the worst years of his much-maligned predecessor.