According to a report by Sentier Research “real median annual household income… has fallen by 4.8 percent since the ‘economic recovery’ began in June 2009.”
That’s worse than the 2.6 percent decline that took place during the recession itself.
[...]
The Sentier Research report comes on the heels of a similar report from the Fed which was released in June showing that middle class families saw a nearly 40 percent decline in their net worth between the years 2007 to 2010.
Counter Punch
That’s worse than the 2.6 percent decline that took place during the recession itself.
[...]
The Sentier Research report comes on the heels of a similar report from the Fed which was released in June showing that middle class families saw a nearly 40 percent decline in their net worth between the years 2007 to 2010.
Counter Punch
As 13 million people in the US languish without work, the federal government has intensified its drive to shut off extended unemployment benefits, ending the only source of cash income for millions of families.
Over 500,000 people have lost extended unemployment benefits since the start of the year, and two million more are scheduled to lose their benefits on January 1, 2013.
[...]
The [...] federal unemployment benefits program, known as Emergency Unemployment Compensation (EUC), is scheduled to end completely on January 1, ending unemployment payments for 2 million more people overnight.
With the start of the new year, there will be no part of the country that offers more than 26 weeks of unemployment benefits. This is far less than the average duration of unemployment, which has hovered near 40 weeks for over a year.
[...]
Currently 40 percent of the jobless population have been out of work for six months or longer, while 30 percent have been unemployed for a year or more. Prior to the present recession, the highest-ever recorded percentage of people out of work for more than 6 months was 26 percent.
[...]
In the ruthless calculations of the financial oligarchy, the elimination of unemployment benefits for most of the jobless population will make the unemployed even more desperate for work, accepting poverty wages and third-world working conditions.
WSWS
Over 500,000 people have lost extended unemployment benefits since the start of the year, and two million more are scheduled to lose their benefits on January 1, 2013.
[...]
The [...] federal unemployment benefits program, known as Emergency Unemployment Compensation (EUC), is scheduled to end completely on January 1, ending unemployment payments for 2 million more people overnight.
With the start of the new year, there will be no part of the country that offers more than 26 weeks of unemployment benefits. This is far less than the average duration of unemployment, which has hovered near 40 weeks for over a year.
[...]
Currently 40 percent of the jobless population have been out of work for six months or longer, while 30 percent have been unemployed for a year or more. Prior to the present recession, the highest-ever recorded percentage of people out of work for more than 6 months was 26 percent.
[...]
In the ruthless calculations of the financial oligarchy, the elimination of unemployment benefits for most of the jobless population will make the unemployed even more desperate for work, accepting poverty wages and third-world working conditions.
WSWS
And that's how you get manufacturing to return to the US.
Happy New Year, Tiny Tim.
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