Today’s U.S. Census Bureau figures provide further evidence that America’s working families have experienced a “lost decade” of falling incomes from 2000 to 2012.
- From 2000 to 2012, median income for non-elderly households fell $7,490, or 11.6%.
- Median income for African American households fell $5,838, or 14.8%.
- Median income for Hispanic households fell $5,219, or 11.8%.
- From 1973 to 2012, median earnings for men working full-time fell from $51,668 to $49,398.
Larry Mishel of the Economic Policy Institute (EPI) explains that “the disappointing trends of the Great Recession and its aftermath come on the heels of the weak labor market from 2000 to 2007, where the median income of non-elderly households fell significantly…the first time in the postwar period that incomes failed to grow over a business cycle.”