Unemployment has been an unfortunate effect of the credit crisis, and even those of us who haven't lost our jobs may see the state of the economy reflected in our paychecks. It's estimated that median household income may be more than 5 percent lower in 2010 than it was ten years earlier, giving way to an income slump that the US hasn't seen in a very long time.
According to the Census Bureau, today's $50,600 median pay is already a little lower than it was in 2000 when the pay was $50,400. An expanding pay slump would cut in consumer spending even more than it already has been and would make it more difficult to pay off outstanding loans.
this does not bode well for those of us who are really in need of a raise. it's funny - i am definitely making more now than i was a few years ago, but even w/o really increasing my monthly expenses intentionally - i still can't see to have enough money to pay everything off. i hope that this crisis or whatever you want to call it starts to turn around and fast!
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