Maybe recovery no longer means what we think. A new report from Sentier Research finds that almost every cohort it studied is “worse off now than it was three years ago” when the economic recovery officially began.
Pre-retirees, or those age of 55 to 64, were hardest hit, with real median annual household income declining by almost 10%, according to the report, “Changes in Household Income During the Economic Recovery: June 2009 to June 2012.”
“Based on our data, almost every group is worse off now than it was three years ago, with the exception of households with householders 65 years old and over,” said Gordon Green of Sentier in a statement. “For some groups of households—blacks, men living alone, younger and upper-middle age brackets, those with some college but no degree, the unemployed, the self-employed, and those living in the West—the declines tended to be larger than average.”