News like this galls me more than 1,000 Tea Parties, to tell you the truth:
The figures reflect the initial effects of the recession. Median household income declined 3.6 percent in 2008 after adjusting for inflation, the largest single-year decline on record, and reached its lowest point since 1997. The poverty rate rose to 13.2 percent, its highest level since 1997. The number of people in poverty hit 39.8 million, the highest level since 1960.The society is becoming more unequal by the day: read for yourself, check the charts, etc. Now, who here has faith that the sitting administration can/will tinker with the political economy in a serious enough way to alleviate these most acute consequences of Reaganism's 30-year advance, let alone push back against the strucutures-in-dominance which produce them?
These data include only the early months of the recession. The figures for 2009, a year in which the economy has weakened further and unemployment has climbed substantially, will look considerably worse, and the figures will likely worsen again in 2010 if, as many economic forecasters expect, unemployment continues to rise in that year. (In the last two recessions, the unemployment rate continued rising for 15 to 19 months after the recession officially ended.)