Income/Poverty – Fast Facts

All income/poverty fast facts are from the non-partisan Congressional Budget Office (CBO) and U.S. Census Bureau. Although they represent many of their most recent reports on this subject, they do not represent all of their reports on this subject. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement.   As always, verify and view statements in their full context as often as possible.

Real median household income declined by 3.6 percent between 2007 and 2008, from $52,163 to $50,303, following 3 years of annual income increases.  The decline in income coincides with the recession that started in December 2007.  Verify at Page 5
The median household income in 2009 was not statistically different from the 2007 median in real terms.  The poverty rate increased between 2008 and 2009.  Verify at Page 1
Between 2009 and 2010, poverty rates increased for non-Hispanic Whites, Blacks, and Hispanics while the changes for Asians was not statistically significant.  Verify at Page 2
Median household income declined the first full year following the December 2007 to June 2009 recession, as well as in the first year following three other recessions (March 2001 – November 2001, January 1980 – July 1980, and December 1969 – November 1970).  Household income increased the first full year following the November 1973 – March 1975 recession.  The change in household income was not statistically significant following the two recessions of July 1990 – March 1991, July 1981 – November 1982.  Verify at Page 5
For the second, middle, and fourth income quintiles, the largest drop in their shares of pre-tax income happened between 1990 and 2000 (based on the 1979-2007 records).  Verify here
The largest increase in pre-tax shares of income for the highest quintile occurred between the 1990 and 2000 period (according to 1979-2007 records).  Verify here
According to the 1979 to 2007 Congressional Budget Office chart, the largest drop in the share of pre-tax income for the lowest income quintile occurred between 1979 and 1989.  Verify here
Income inequality decreased between 2006 and 2007, as measured by the shares of aggregate household income by quintiles and the Gini index.  Verify at Page 12
The share of pre-tax income for the middle quintile between 1979 and 2007 had its largest decrease between 1990 and 2000.  Verify here
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