President Obama got a fair amount of good press a few weeks ago when it was reported that Americans’ incomes had risen. But that was from 2014 to 2015. During 2016, Americans’ incomes have dropped.
New figures from the U.S. Census Bureau’s Current Population Survey, compiled by Sentier Research, reveal that the typical American household’s real (inflation-adjusted) income has taken a turn for the worse during this election year. In December 2015, the real median household income was $57,701 (in seasonally adjusted, August 2016 dollars). Eight months later, in August 2016 (the most recent tally available), that figure has dropped to $57,380. That’s a decline of $321 across eight months.
Real median household income is also down since January 2000, it’s down since November 2008 (the month Obama was elected), and it’s down since January 2009 (the month he took office).