The Freefall of 2008

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Ezra Klein surveys yesterday’s report from the Census Bureau and says: “Median income dropped a bit, poverty rose a bit, and so too did the number of Americans without health insurance. But the actual changes aren’t very large.”

Based on the reporting I saw yesterday, which initially caused me to think that income had dropped only slightly, this is a widespread view.  But it just isn’t true.  In fact, the 2008 drop in median household income was the biggest since the Census Bureau started tracking this stuff in 1976.  Income dropped $1,860 in 2008, and the next closest competitor is 1980, when it dropped $1,439.  Last year was the worst year for household income in both absolute terms and percentage terms in the past three decades.

And, as Ezra says, that was only 2008.  This year is likely to be as bad — or possibly worse. Income drops typically persist for several years during a recession, and the combined impact of this recession is almost certain to do more damage to middle class incomes than any recession since World War II.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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