(10 am. – promoted by ek hornbeck)
Up with Chris host, Chris Hayes shares research showing how the median household income fell during the recession and how it continued to fall during the so-called recovery. His panel guests are Michelle Goldberg, senior contributing writer for Newsweek/Daily Beast and author of “The Means of Reproduction: Sex, Power and the Future of the World;” W. Kamau Bell, comedian and host of FX’s “Totally Biased with W. Kamau Bell;” Ta-Nehisi Coates, senior editor at The Atlantic and author of “The Beautiful Struggle: A Father, Two Sons, and an Unlikely Road to Manhood;” and Jay Smooth, host of WBAI-FM’s “Underground Railroad.”
Big Income Losses for Those Near Retirement
by Catherine Rampell
Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply.
The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.
Across the country, in almost every demographic, Americans earn less today than they did in June 2009, when the recovery technically started. As of June, the median household income for all Americans was $50,964, or 4.8 percent lower than its level three years earlier, when the inflation-adjusted median income was $53,508.
The decline looks even worse when comparing today’s incomes to those when the recession began in December 2007. Then, the median household income was $54,916, meaning that incomes have fallen 7.2 percent since the economy last peaked. [..]
The real median annual household income for blacks fell 11.1 percent from June 2009 to June 2012, landing at $32,498 from $36,567. That compares with 5.2 percent for whites, 3.6 percent for other race combinations (including Asians) and 4.1 percent for Hispanics – all of whom started with higher incomes than blacks.