Get used to it, this is the new normal. The sad part is that it was predicted by both Krugman and Stiglitz, but the big boys and girls in Washington, DC wouldn't listen. And now we're stuck in one big economic malaise for potentially years to come.
NYT:
In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has found.
Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.
The finding helps explain why Americans’ attitudes toward the economy, the country’s direction and its political leaders have continued to sour even as the economy has been growing.
