The U.S. Department of Commerce’s Bureau of Economic Analysis recently released their monthly personal income data for October, 2011 (pdf). The chart below shows the private sector share of personal income from January 1959 to October 2011. For October, the private sector share of personal income was 70.8 percent. While a tad higher than September, it’s only because the previous months have been revised lower. So, technically, the private sector made no headway.
While the trend has been up over the last year (after cratering in May, 2009 at 69.06 percent), the current level is still well below the pre-Great Recession level of 74.48 percent in June 2007. With the aging of the baby boomers and Obamacare looming, it’s doubtbul that we will ever get back to pre-recession levels.
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