The United States is more than six years into the officially designated and much-vaunted economic recovery from the Great Recession. But most Americans wouldn’t know it.
According to the latest report from the Census Bureau (pdf), median household income was $53,657 in 2014, not statistically different in real terms from the 2013 median of $54,462. This is the third consecutive year that the annual change was not statistically significant, following two consecutive years of annual declines in median household income. As a result, in 2014, real median household income was 6.5 percent lower than in 2007, the year before the Great Recession began.
Meanwhile, the official poverty rate in 2014 was 14.8 percent, meaning there were 46.7 million people living at or below the poverty line. Neither the poverty rate nor the number of people in poverty was statistically different from the 2013 estimates. Nor was poverty rate in 2014 for children under age 18 (21.1 percent) or their number (15.5 million). Both rates in 2014—the overall poverty rate and the child poverty rate—were significantly higher than they were in 2007.
And so I repeat my question: what recovery?