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Incomes fell more after the recession ended Atlanta, GA

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Incomes fell more after the recession ended

bisinessman analyzing data

In June 2009, when economists declared that the recession had ended, many households in Georgia and across the U.S. believed that there were better times ahead. However, according to a new study by two former Census Bureau officials, that was not the case. After the recession ended, household incomes continued to fall, and they did so at a faster rate than during the economic downturn, leading to continuing high rates of bankruptcy and foreclosure throughout the country.

During the recession, which officially took place from December of 2009 to June of 2009, the median household income dropped by 3.2 percent. Between June of 2009 and June of 2011, after the recession had been declared ended, the median household income fell 6.7 percent to just under $50,000.

Interestingly, the unemployment rate dropped slightly during that same period, going from 9.5 percent in June of 2009 to 9.2 percent in June of 2011. Economists believe that this is because there are simply more people who have exited the labor force permanently, neither working nor actively looking for work.

In addition, hourly pay rates have fallen, so even though there may be more people working, those people are not earning as much money as they may have in the same position before the recession. many of these pay cuts have been voluntary – people have settled for lower pay in order to find work that they desperately need to pay their bills.

In sum, median household incomes dropped by almost 10 percent from the beginning of the recession to June of this year. According to economic researchers, this is the largest decrease in income in the U.S. in several decades.

Source: New York Times, “Recession Officially Over, U.S. Incomes Kept Falling,” Robert Pear, Oct. 9, 2011

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1718 Peachtree St NW, #385
Atlanta, GA 30309

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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