New York, NY, United States (AHN) – From 2000 to 2010, the median income in the United States fell 7 percent after adjusting for inflation, the U.S. Census Bureau reported.
The decline marks the worst 10-year performance on record, dating back to 1967. And what’s worse is that according to economists in the latest Wall Street Journal forecasting survey, income will not catch up before 2021.
Census Bureau data also revealed that a college degree doesn’t hold the clout and earnings power it once had. Only advanced degree holders managed to eck out record earnings increases over the past decade.
High unemployment and sluggish economic growth are both having an impact on American wages. Improvement looks a way off.
According to forecasts, the jobless rate, currently at 9.1 percent is only expected to decline to 8.2 percent by the end of 2013, a decline of less than one percentage point over more than two years.
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