Chart of the Day: We’re Still in a Recession

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Via Felix Salmon, here’s a chart put together by economists Gordon Green and John Coder, based on data from the monthly Current Population Survey. It’s an index of self-reported income over the past 12 months and it’s bad, bad, bad. As you can see, median incomes plummeted during the recession, and as you can also see, incomes continued to plummet during our so-called recovery. Reported income is now down 10% from 2008 levels. More here from the New York Times, including this pithy comment from Princeton economist Henry Farber: “As a labor economist, I do not think the recession has ended.”

Indeed not, though perhaps economists who don’t care about labor will disagree. In any case, here’s your economics lesson for the day: debt implosion —> reduced spending —> layoffs and wage cuts —> plummeting incomes —> even less spending, more layoffs and wage cuts, and ever lower incomes —> Zuccotti Park. Republicans and centrist Democrats, please take note.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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