Source: Center for American Progress
In its "Economic Snapshot for September 2009," the Center for American Progress reels off a list of statistics that are now way, way too familiar. The economy has lost 6.9 million jobs since the recession started in December 2007. People who lose their jobs are staying unemployed for record periods. Poverty is on the increase, employer-provided benefits on the decline.
Median household income, adjusted for inflation, fell by $1,860 from 2007 to 2008. But look under the hood and you'll find great disparity among American families. White family income stands at a median of $55,530, while the African-American family median is at $34,218. Hispanic families are faring only a little better, at $37,913.
Next up for the American economy? Trouble with debt, of course. Home foreclosures keep rolling in, with 9.1 percent of all mortgages delinquent and 3.9 percent in foreclosure. Of all credit card debt, 9.6 percent is in default. That's up 126.6 percent from the fourth quarter of 2007.