Sunday, March 28, 2010
Personal Income Drops Across the Country
This article talks about how 42 states have reported personal income drops of between 5 and one percent. Some states increased government benefits to off set the loss that there would be otherwise. However there is a light side to this news, personal income was in fact higher in the forth quarter for people in all 50 states then in the previous quarter.
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Lets hope that as the economy continues its recovery that personal income throughout the country follows suit. With income levels low many Americans will find it difficult to spend lavishly. The recovery of the US economy relies heavily upon people spending their dollars. The more money injected into the economy will spur on the recovery.
ReplyDeleteIt is crazy to think that this economy is "recovering". With 42 states in this country reporting a drop in personal income doesn't report any signs of positive recovery in the economy. Hopefully sometime in the near future, people will feel comfortable to spend money on a regular basis.
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