---
title: "The Phantom Recovery"
description: "The period from 1999 to 2007 is the longest in modern U.S. economic history in which inflation-adjusted median household income failed to surpass an earlier peak."
date: "2009-04-07"
authors:
  - name: "Russell Heimlich"
    job_title: "Former web developer"
    link: "https://www.pewresearch.org/staff/russell-heimlich/"
url: "https://www.pewresearch.org/short-reads/2009/04/07/the-phantom-recovery/"
---

# The Phantom Recovery

While the current economic recession did not begin until December 2007, the eight years prior were in no way a boom to the typical American household. Analysis of Census Bureau data finds that inflation-adjusted median household income — arguably the best single measure of the middle class standard of living — has remained at or below its 1999 peak in every year since then. This eight-year period is the longest in modern U.S. economic history in which inflation-adjusted median household income failed to surpass an earlier peak. However, looking back to 1970, this key indicator has done much better over a longer time frame. These data support the opinions of middle-class Americans: A 2008 Pew Research survey found that while middle-class Americans believe they have a higher standard of living than their parents did, a 56%-majority feel they have not made any economic progress in the past five years. [Read More](https://www.pewresearch.org/pubs/1167/phantom-recovery-flat-household-income-eight-years)