Rakesh Kochar,
writing for the Pew Research Center, examined household income during the
recent recession and recovery. From
2007 to 2009, the median household income fell 4.2%, and while the economy
began to turn around and businesses started to rebuild, incomes continued to
drop. From 2009 to 2011, as the
U.S. embarked on a sluggish recovery, the median income failed to improve. In fact, the median household income
fell almost as much (4.1%) during the recovery years as during the recession. After a 5.7% decrease in household
income due to the 1973 recession, incomes salvaged a 2.3% increase in the
following 2 year recovery period. The
1980 to 1982 recession drove incomes down 5.0%, but in the subsequent two-year
recovery, incomes rebounded with a 2.4% improvement. This prolonged period of income losses reflects a greater
trend from the past decade. The
highest median household income was $54,932 in 1999, and since then, that level
has only been approached in 2007, when incomes were $54,489.
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