It’s going to take a while for the anemic recovery of the U.S. economy to finger its way into fattening the wallets of everyday Americans.
A study on Wednesday by two former Census Bureau officials showed that median household income has not come close to being what it was before the Great Recession erased a lot of Americans’ buying power, The New York Times reports. The median annual household income increased to $52,100 in June from an inflation-adjusted $50,700 in August 2011. But as high as it is now, it remains $2,400 lower than it was in June 2009, the so-called end of the Great Recession.
The study also showed that some households came out far worse than others did. Since the end of the recession, income for non-Hispanic white households dropped by 3.6 percent to $58,000; 4.5 percent for Hispanic households to $41,000; and 10.9 percent to $33,500 for non-Hispanic black households.
The economic disparity needs to be the focus of the 50th anniversary commemoration next week of the March on Washington for Jobs and Freedom. The jobs remain scarce for many African-Americans, and without work and a good income, there is no freedom.