An April 2011 Gallup poll found that 29% of Americans thought that the U.S. economy was in a depression. Another 26% thought it was only a recession. This is scary since according to the National Bureau of Economic Research we have been in an economic expansion since June 2009.
Why would so many Americans feel this way you might ask. Here is one reason. According to recent Census Bureau data, during the recession, which lasted from December 2007 to June 2009, inflation-adjusted median household income fell by 3.2%. Between June 2009 and June 2011, a period of economic expansion, inflation-adjusted median household income fell by 6.7%. This decline is illustrated in the New York Times chart below.
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I recently appeared on the Alliance for Democracy’s “Populist Dialogue” TV show to talk about our economic crisis and possible responses to it. You can watch the show here or below.
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