The U.S. Census Bureau today announced that the median household income declined in 2011, presenting another challenge to President Obama has he seeks to convince the country that his economic recovery strategy is working and should be given more time.
According to the bureau, the median household income last year was $50,054, a 1.5 percent deline from 2010 and the second annual drop. The figures show that, well into the Obama economic program – and even as the nation has pulled out of recession – salaries are continuing to decline.
What’s more, income levels are now 8.1 percent below the pre-recession levels of 2007 and have even more ground to make up to return income to where it was before the crisis hit. Income declined last year for both blacks and non-Hispanic whites, while the changes for Asian and Hispanic households were not statistically significant.
Obama is also failing to reduce the poverty rate, the new number show. After three consecutive years of increases, the poverty rate remained the same at 15 percent, with 46.2 million people living in poverty.
The number of people without health insurance coverage declined from 50 million to 48.6 million, a small bit of good news in the data for Obama that the president will surely attribute to the passage of Obamacare.