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The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery. Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in the US, from $106,591 to $68,839 between 2005 and 2011. Causes
Several key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost ...
2012 2011 2010 2009 1 8: District of Columbia: $92,266: $85,203: $82,336: $75,506: $75,628: $71,648: $67,572: $65,246: $66,583: $63,124: $59,290 2 1: Maryland: $86,738: $83,242: $80,776: $78,945: $75,847: $73,971: $72,483: $71,836: $70,004: $68,854: $69,272: 3 3: Massachusetts: $85,843: $79,835: $77,385: $75,297: $70,628: $69,160: $66,768 ...
During the depths of the recession in 2009, as millions of Americans lost their jobs, homes and life savings, the highest-paid earners in the United States saw their average incomes increase...
Further, the Center for American Progress estimated that 76% of the real income gains between 2009 and 2013 went to the top 1%. In December 2013, Obama declared that growing income inequality is a "defining challenge of our time" and called on Congress to bolster the safety net and raise wages.
According to a recent study published by the Economic Policy Institute (EPI), household incomes have decreased for the average American since 2019 and vary widely by state. (Income is defined as ...
2012 () Budget of the United States federal government; Submitted: February 14, 2011: Submitted by: Barack Obama: Submitted to: 112th Congress: Passed: November 18, 2011 (Pub.L. 112-55) December 23, 2011 (Pub.L. 112-74 and Pub.L. 112-77) Total revenue: $2.627 trillion (requested) $2.45 trillion (actual) 15.3% of GDP (actual) Total expenditures
The amount of exemption was phased out at higher incomes through 2009 and after 2012 (no phase out in 2010–2012). [48] Citizens and individuals with U.S. tax residence may deduct a flat amount as a standard deduction .
2009. January 2009 – 818,000 jobs lost; February 2009 – 724,000 jobs lost; March 2009 – 799,000 jobs lost; April 2009 – 692,000 jobs lost; May 2009 – 361,000 jobs lost; June 2009 – 482,000 jobs lost; July 2009 – 339,000 jobs lost; August 2009 – 222,000 jobs lost; September 2009 – 199,000 jobs lost
Saez reported in 2013 that, from 2009 to 2012, the incomes of the top 1% grew by 31.4%, while the incomes of the bottom 99% grew by 0.4%. [40] In May 2017, they reported that income shares for those in the bottom half stagnated and declined from 1980 to 2014.