Jobs? Income?

The poverty and income statistics released today look pretty bad. The headline is that real median income (in 2010 dollars) since 2007 has been pretty much in free fall. Median income peaked at the end of the Clinton administration and went into decline during most of the George W. Bush administration, bottoming out in 2005 and beginning a moderate improvement until 2007. Then free fall. The rate of decline slowed a bit in 2008 and 2009, leading some political figures to prematurely declare recovery at hand. Any economist who joined that chorus should lose his or her economist license (if there is such a thing).

Just a reminder: President Obama was elected in November 2008, but was not sworn in until Tuesday, January 20, 2009.