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According to the CBO, between 1979 and 2011, gross median household income, adjusted for inflation, rose from $59,400 to $75,200, or 26.5%. However, once adjusted for household size and looking at taxes from an after-tax perspective, real median household income grew 46%, representing significant growth.
The recession officially ended in the second quarter of 2009, but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011. Some economists described the post-recession years as the weakest recovery since the Great Depression and World War II .
Income levels vary with age. For example, the median 2009 income for households headed by individuals age 15–24 was only $30,750, but increased to $50,188 for household headed by individuals age 25–34 and $61,083 for household headed by individuals 35–44. Work experience and additional education may be factors.
The Great Recession officially ended in mid-2009, but a recent Census Bureau report shows that, for the average American family, the first full post-recession year only brought increased misery.
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...
Congressional leaders meeting with President Obama, November 30, 2010. President Obama signing the James Zadroga 9/11 Health and Compensation Act of 2010 into law, January 2, 2011. The 111th United States Congress was a meeting of the legislative branch of the United States federal government from January 3, 2009, until January 3, 2011.
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.
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
May 2009 – 1,700 jobs lost; June 2009 – 21,400 jobs lost; July 2009 – 32,200 jobs created; August 2009 – 27,100 jobs lost; September 2009 – 40,600 jobs created; October 2009 – 24,500 jobs created; April 2009 Australian unemployment rate: 5.5% July 2009 Australian unemployment rate: 5.8% August 2009 Australian unemployment rate: 5.8%
Total requested spending is $3.83 trillion and the federal deficit is forecast to be $1.56 trillion in 2010 and $1.27 trillion in 2011. Total debt is budgeted to increase from $11.9 trillion in FY2009, to $13.8 trillion in FY2010, and $15.1 trillion in FY2011.