What Recovery? Household Incomes Plummeted After 2009
As bad as things were during the recession, household incomes actually declined at a faster pace in the years after it ended, one new study shows.
The median annual income for U.S. households before taxes dropped from $55,309 when the recession officially began in December 2007 to $53,518 in June 2009 â€“ a 3.2% decline â€“ according to data collected by two former Census Bureau officials in a report for Sentier Research. That decline came at a time of economic crisis when businesses nationwide laid off millions of workers and cut pay and hours for many more, but as bad as this income drop was, itâ€™s nothing compared to what happened after the economy supposedly came out of the recession.
n the two years after the recession officially ended in June 2009, the median household income continued to plummet, dropping by more than $3,500 to $49,909. That represents a decline of 6.7% in the first two years...
A US dollar used to be redeemable in gold and silver, but like other world Central Banks we have moved away from the mercantile system to a Fiat credit system. Your dollars are now a medium of exchange for goods and labor based upon prevailing market prices. In the case of the US dollar, various mechanisms are used by the Fed to maintain liquidity balanced with the ability to use US Credit, economic output and taxing power to stabilize its value.
What is so difficult to understand about that? and why are your spiritualizing what Caesar does with his coinage?
Dirk Yoder wrote: When one tries to obey the commandments of men and conform to his foolishness by merely asking questions in a professional, polite manner in order to be a good little citizen of the world, he or she is usually met with mockery as the questions posed cannot be answered. The following are interesting reads, though false teacher Gil will probably object. Define the dollar Can you define the dollar please? Especially for Gil: A Challenge for Gil Rugh
I would not measure relative wealth in dollars anyway; rather, purchasing power is what counts - what can one *buy* with a dollar, whether based on gold, silver, or Fed operations?
Mind you, even measuring purchasing power is still subjective, since what commodity prices do you bring into the equation? And how do you define income, let alone process the statistics (median, mean, mode)?
And even with specie-based currency, purchasing power can change based on other factors, like scarcity, alluded to in 2 Ki. 6:25.
When one tries to obey the commandments of men and conform to his foolishness by merely asking questions in a professional, polite manner in order to be a good little citizen of the world, he or she is usually met with mockery as the questions posed cannot be answered. The following are interesting reads, though false teacher Gil will probably object.