You’re not imaging things: The American standard of living really is on the decline. And guess when the major decline began. If you answered “About the time Barack Obama started running things in Washington”, congratulations.

Think life is not as good as it used to be, at least in terms of your wallet? You’d be right about that. The standard of living for Americans has fallen longer and more steeply over the past three years than at any time since the US government began recording it five decades ago.

Bottom line: The average individual now has $1,315 less in disposable income than he or she did three years ago at the onset of the Great Recession – even though the recession ended, technically speaking, in mid-2009. That means less money to spend at the spa or the movies, less for vacations, new carpeting for the house, or dinner at a restaurant.

When economists talk about the recession ending they’re speaking strictly in academic terms, that is two successive quarters of national economic retreat.

But what does that matter if Americans struggle to pay their bills, struggle to stay in their homes, can’t manage to find a job, are watching their life savings decimated, and those with jobs are working just as hard for less pay? So economists say the recession is technically over? Big whoop. No one outside of academia cares.

We need to bring back and paraphrase this quote by Ronald Reagan:

A recession is when your neighbor loses his job. A depression is when you lose yours. And recovery is when Jimmy Carter loses his.

Take out Jimmy Carter 1.0, replace him with Jimmy Carter 2.0, and you’ve got yourself a political tagline for next year.