The Big Squeeze – US and UK income drop (2002-2013)

Prices: 10 years ago (2002)

oil ($22 / barrel)
gasoline ($1.45 / gallon)
bread  ($2.00 / loaf)
milk ($2.00 / gallon)
gold ($300 / ounce)

Prices: today (2012)

oil ($110 / barrel)
gasoline ($4.00 / gallon)
bread  ($3.75 / loaf)
milk ($3.75 / gallon)
gold ($1,700 / ounce)

Prices: percentage increase

oil (500%)
gasoline (276%)
bread  (188%)
milk (188%)
gold (567%)

“In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has found”.

http://www.nytimes.com/2011/10/10/us/recession-officially-over-us-incomes-kept-falling.html

 

UNITED KINGDOM

“An Institute for Fiscal Studies analysis predicted that average incomes, adjusted for inflation, will fall by 3% this year and further in 2012. The director of the IFS, Paul Johnson, said: “In the period 2009-10 to 2012-13, real median household incomes will drop by a whopping 7.4% – a record matched only by the falls seen between 1974 and 1977Pay growth for workers in Britain hit a record low between 2010 and 2011, according to official data last week. Pay was up just 0.4% on a year ago in terms of gross weekly earnings, meaning that incomes are tumbling in real terms, given that inflation stands at 5%. The Office for National Statistics also said the gap between Britain’s highest and lowest paid workers had widened dramatically over the past year“.
http://www.guardian.co.uk/uk/2011/nov/30/austerity-biggest-fall-family-income

 

MEANWHILE…


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