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Living standards on decline

US Life

The typical American family now earns less in real terms than it did way back in 1989, according to the Census Bureau.

Median household income fell for the fifth consecutive year, to $51,017 in 2012, and is now 8.3 per cent below its pre-recession peak in 2007.

Although the economy is almost 5 per cent larger than its pre-recession peak in 2007, most of the gains have gone to those earning the highest incomes.

Emmanuel Saez, a University of California economist, says that last year incomes of the top 1 per cent of the population rose nearly 20 per cent, but those of the remaining 99 per cent increased just 1 per cent.

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