A second report released last week showed that median household income has fallen 4.8 percent during the three years of the “recovery” touted by the Obama administration (July 2009 through June 2012), a bigger drop than the 2.6 percent during the two years officially recorded as “recession” (July 2007 through June 2009). Median incomes have fallen most for African Americans (down 11.1 percent) and residents of the Western states, the focal point of the housing market collapse (down 8.5 percent).
Since the official start of the recession, December 2007, median household income has fall 7.2 percent. From 2000 to 2012, over three presidential terms, two of George W. Bush and one of Obama, real incomes in the United States have fallen by 8.1 percent.
This social reality is ignored by both the capitalist parties competing in the 2012 presidential election, and it will go largely unacknowledged at the convention of the Republican Party, which opens Tuesday in Tampa, Florida, and at the similar gathering of the Democrats the following week.