Thursday, September 10, 2009

New Census Data on Falling Incomes

Shawn Fremstad of the Center for Economic and Policy Research writes today (9/10):

"Today the Census Bureau released a report on the trends in income, including poverty, and health insurance between 2007 and 2008. The report shows that working-class and middle-class families were particularly hard hit by the recession that began in December 2007. The decline in real median income between 2007 and 2008 is the largest single-year decline in the 40 years of household median income data on record and the 60 years of family median income data on record.

The report also shows declines in health insurance coverage among middle-income families earning between $50,000 and $75,000."

Similar Data can be found on the Animal Spirits blogpage.
Number unemployed: 14.9 million (up from 7.5 million in December 2007)
• Underemployment rate: 16.8%; Share of workers un- or underemployed: roughly 1 in 6
• Under- and unemployed, marginally attached and involuntary part-time workers: 26.4 million
• Unemployment rate, ages 16 to 24: 18.2%
• Male unemployment: 10.9%; female unemployment: 8.2%
• White unemployment: 8.9%; black unemployment: 15.1%; Hispanic unemployment: 13%
Drop in children covered through parents' employers, 2000 to 2007: 3.4 million
• Share of people under 65, with incomes in the top 20%, covered by employers in 2007: 86.4%; Share with incomes in the bottom 20%, covered by employers: 21.9%
• Share of Hispanic workers who are uninsured: 39.8%
• Percentage of under-65 Americans with employer-sponsored health insurance in 2000: 68.3%; In 2007: 62.9%

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