Census: Typical Family Makes Less Today Than in 1989
A Census Bureau report released on Tuesday reveals that the typical American family now earns less than it did in 1989. In 1989, median household income was $51,681 (in current dollars). In 2012, median household income was $51,017.
Photo source: The Washington Post
Poverty levels in 2012 also climbed to 46.5 million Americans--15% of the country--from 46.2 million in 2011.
As Washington Post economics writer Neil Irwin put it, "This isn't a lost decade for economic gains for Americans. It is a lost generation."