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Average American Family Income Decline$

WASHINGTON — After the booming 1990s when incomes and stock prices were soaring, this decade has been less of a thrill ride for most American families.

Average incomes after adjusting for inflation actually fell from 2001 to 2004, and the growth in net worth was the weakest in a decade, the Federal Reserve reported Thursday.

Many families were struggling in the aftermath of the 2001 recession and the bursting of the stock market bubble in 2000, the Fed's latest "Survey of Consumer Finances" showed. The comprehensive look at household balance sheets comes every three years.

Average family incomes, after adjusting for inflation, fell to $70,700 in 2004, a drop of 2.3 percent when compared with 2001. That was the weakest showing since a decline of 11.3 percent from 1989 to 1992, a period that also covered a recession.
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Let's see...George Bush was was President from 1989 through 1992 and George W. Bush took over the presidency in 2001...interesting. Like father like son.

Read more: Atlanta Journal Constitution