Our economy has not fully recovered from the recession of 2008, and we hear lots about the sad state of families who have struggled, folks who have lost jobs, homes that were devalued. We came down quite a way from the super prosperity of the previous 25-30 years.
Those decades before the 2008 recession were tremendous growth years.
The whole economy became a much bigger "pie", and so each piece became bigger. From 1996 to 2005, in dollars adjusted for inflation, the income of the poor rose by 109%, while that of the middle class rose 26%.
Going by gender and race, there are more signs of growth. From 1980 to 2007, income grew for black females by 79.6%, for white females by 77.8%, for black males by 34.4%, and for white males by 10.1%, again in real dollars.
More tomorrow about the growth years.
No comments:
Post a Comment