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Americans: Hurting

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U.S. INCOME LEVELS REMAIN STAGNANT …

The federal government reported a decline in the nation’s poverty rate in 2013 – from 15 to 14.5 percent – although the number of Americans living below the poverty line remained unchanged.

A total of 45.3 million Americans lived in poverty in 2013, the U.S. Census Bureau reported – unchanged from 2012.

Meanwhile the nation’s median household income clocked in at $51,939 – which was statistically no different than it was in 2012 ($51,759). ¬†Adjusted for inflation, though, last year’s figure is eight percent lower than it was when the recession began and nine percent below its 1999 peak.

Ouch …

For those of you unhip to economics, people can’t spend money they don’t have … which explains the ongoing stagnation in the American consumer economy.

Oh, and for all of you black Americans wondering where your “hope and change” went – the median household income for blacks clocked in at $34,600 – more than forty percent below the average non-Hispanic white household.

Yet another example of the Obama administration’s unkept promises …

For those of you keeping score at home, the Census Bureau will released detailed state information later this week.