Sentier: Household Income Has Dropped 8.2% Under Obama

Thursday, 27 Sep 2012 08:07 AM

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Household incomes are down 5.7 percent since the economy officially recovered from the Great Recession in June of 2009 and down 8.2 percent since President Barack Obama took office, Sentier Research data finds.

The report, which was based on data from the Census Bureau’s monthly Current Population Survey, found that real median annual household income declined by 1.1 percent — or $543 — between July and August, to $50,678 from $51,221.

Real median annual household income stood at $55,198 in January of 2009, when Obama was sworn into office, and stood at $53,718 in June of 2009, when the last recession officially ended.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

“This latest decline in real median annual household income is indicative of a struggling economy. A major contributor to the decline was a 0.6 percent increase in consumer prices between July and August,” Sentier co-founder and former Census Bureau official Gordon Green said in a statement.

“Even though we are technically in an economic recovery, real median annual household income is having a difficult time maintaining its present level, much less ‘recovering.’ As we have noted in our previous reports, we are watching this household income series closely for signs of any sustained directional movement.”

Meanwhile, separate data show that an overwhelming majority of Americans view poverty as a major problem in the United States these days, a Rasmussen Reports survey finds.

The telephone survey found that 80 percent of American adults believe poverty is at least somewhat severe in the United States, with 29 percent of that group saying poverty is very severe.

Only 16 percent of American adults think poverty is not severe in the nation, with 4 percent believing it is not at all severe.

The government has set the poverty line at an annual income of just over $23,000 a year for a family of four.

“When asked what the poverty line should be for a family of four, only 26 percent think the current poverty line is appropriate. Twenty-seven percent (27 percent) think it should be lower, including eight percent (8 percent) who say $9,000 or less and 19 percent who believe it should be set at $17,000,” Rasmussen Reports found.

“Thirty-eight percent (38 percent) believe the poverty line should be higher, with 23 percent who favor establishing it at $31,000 for a family of four and 15 percent who prefer $35,000.”

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

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