Tough to Gain Ground

The Census Bureau released some disappointing figures yesterday about the state of incomes in America. Income for the median American household in 2013 was $51,900, which was essentially unchanged from the year before. Median income is still down 8 percent from 2007, prior to the start of the recession.

What's even more distressing is that we really haven't made any real progress in this area in decades. Median household income isn't any higher now, adjusted for inflation, than it was in 1989. And we are still 8.7 percent below the inflation-adjusted peak income of $56,895, reached back in 1999.

One demographic did gain some ground last year: America's senior citizens. Households headed by people aged 65 and older saw their incomes increase by 3.7 percent last year, from a median income of $34,340 to $35,611.