Chart of the Day: We’re Still in a Recession

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Via Felix Salmon, here’s a chart put together by economists Gordon Green and John Coder, based on data from the monthly Current Population Survey. It’s an index of self-reported income over the past 12 months and it’s bad, bad, bad. As you can see, median incomes plummeted during the recession, and as you can also see, incomes continued to plummet during our so-called recovery. Reported income is now down 10% from 2008 levels. More here from the New York Times, including this pithy comment from Princeton economist Henry Farber: “As a labor economist, I do not think the recession has ended.”

Indeed not, though perhaps economists who don’t care about labor will disagree. In any case, here’s your economics lesson for the day: debt implosion —> reduced spending —> layoffs and wage cuts —> plummeting incomes —> even less spending, more layoffs and wage cuts, and ever lower incomes —> Zuccotti Park. Republicans and centrist Democrats, please take note.

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Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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