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Overall U.S. per capita income dropped 2.6% to about $31,000. Connecticut, home to many of the titans of finance, continued to be the state with the highest per capita income in the nation at $54,000, but it was in the top 10 in terms of declines from 2008 with a 3.3% drop. Wyoming had the largest personal income drop in the country at 5.9%. Only four states posted gains in per capita personal income with West Virginia coming out on top with a 1.8% increase, though it has seventh lowest level in the nation.
Personal income in California fell last year for the first time since the Great Depression, the Commerce Department said Thursday.
State income plunged even more sharply in 2009 than the similar, historic drop that occurred on a national basis, a notable reversal given that California generally has beaten the national averages throughout the 80-year history of this report.
Nationwide, the measure dropped one additional time in 1949, when average U.S. personal income declined 1.3 percent. But incomes in California grew through that post-World War II slump with an increase of 1.7 percent that year.
Personal income in North Carolina dropped from $326 million in 2008 to $323 million in 2009, a 0.8 percent decline. Nationally, personal income dropped 1.7 percent, from about $12.23 billion in 2008 to about $12.02 billion in 2009.
The Bureau of Economic Analysis said that per-capita personal income in North Carolina peaked at $35,249 in 2008, then dropped 2.3 percent in 2009 to $34,453. The decline was less than the drop of more than 3 percent in such states as Florida, California and Georgia, not to mention the drops of almost 6 percent in Nevada and Wyoming.
Walden cautioned that because personal income includes unemployment compensation and other forms of help, North Carolina's decline may be more severe than the numbers indicate. And while the state's income didn't decline as much as in some other areas, times are still challenging, Walden said.
Originally posted by boondock-saint
I have been pondering this question for some time now
and since this thread is about financial income
I thought it relevant
What happened to all the money???
Everybody is going broke,
this money didn't just evaporate
it had to go somewhere that it doesn't
get recirculated. Where did it all go???
trillions and trillions