Still Unrecovering

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Published : September 21st, 2011
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Category : Crisis Watch

 

 

 

 

In "Our Sputtering Economy by Numbers: Poverty Edition," ProPublica highlights statistics derived from the Census Bureau's lncome, Poverty, and Health Insurance Coverage in the United States: 2010, which lend further weight to the notion that what we've experienced since the recession "ended" back in 2009 could best be described as an "unrecovery." Here are just a few examples


Poverty:


Official U.S. poverty rate in 2007, before the recession: 12.5 percent


Poverty rate in 2009: 14.3 percent


Poverty rate in 2010: 15.1 percent


Last time the poverty level was this high: 1993


Income:


Decline in median household income since 2009: 2.3 percent


Decline in median household income since before the recession: 6.4 percent


The last time median household incomes have been this low: 1996


In both cases, the statistics that are supposed to improve when a recession ends have actually gotten worse. Maybe I'm a little slow on the uptake, but isn't this the wrong way around?


Regardless, the fact that Americans are in worse shape financially than they were before financial Armageddon erupted suggests the economy's next leg down is going to be an ugly one.


Michael J. Panzner 

 

 

 

 

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Michael J. Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes, published by Kaplan Publishing.
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