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Declining Income In Most States Sharpens Fiscal Woes
9/27/2010

Falling incomes in two of three states can't help but worsen budget shortfalls. We've learned that the recession ended a year ago but that word is apparently slow reaching state capitols.

 

Michigan and Florida led 34 U.S. states whose median household income fell in 2009, up from eight with declines the year before, as the worst recession since the Great Depression sapped Americans’ earnings.

Nationally, median household income fell 3 percent in 2009 to $50,221, the second straight annual drop, the Census Bureau said in its 2009 American Community Survey. Income in Michigan fell 6.2 percent to $45,255, while Florida followed with a drop of 5.7 percent, to $44,736, the bureau said in a report on its website.

The recession ended in June 2009, the National Bureau of Economic Research said last week, even as a slowdown in economic growth raises the prospects of another slump. The nation’s jobless rate was 9.6 percent last month, more than double the level of three years earlier.

The national recession “hammered the economy and engulfed every state,” said Mark Zandi, chief economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “We’re light years away from gaining jobs.”   More here.

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