The U.S. Department of Commerce’s Bureau of Economic Analysis recently released their monthly personal income data for December, 2011 (pdf). The chart below shows the private sector share of personal income from January 1959 to December2011. For December, the private sector share of personal income was 70.88 percent.
While the private sector continues to claw it’s way back up (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. We will all be poorer as a result of a smaller private sector.
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