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Thursday, July 29, 2004

american income falls

The total adjusted gross income on tax returns fell 5.1 percent, to just over $6 trillion in 2002, the most recent year for which data is available, from $6.35 trillion in 2000. Because of population growth, average incomes declined even more, by 5.7 percent.

Adjusted for inflation, the income of all Americans fell 9.2 percent from 2000 to 2002, according to the new I.R.S. data.

but it was a recession! a double-dipper or something!

Before the recent drop, the last time reported incomes fell for even one year was in 1953.

update: no surprise, really (i should’ve looked)… barry has it too, with some depth.

posted by roj at 1:59 pm