'Average American' will slide down income scale
Friday, August 30, 2013 - 06:00
in Mathematics & Economics
The median household income for Americans reached an all-time high in 2000, fell during the recession of 2001, and was only approaching its 2000 level in 2007 when the Great Recession struck. By 2011 it had fallen back to 1997 levels. Now, changes in demographics over the next two decades will make it even more difficult to raise the median, according to a Cornell economist.