No, it's not your imagination. Not only is your paycheck not stretching as far as it did before the Great Recession, you're bringing home less in it to boot.

New research from Sentier Research shows that median household income, $50,020 in January, was 7.8 percent less than it was when the economy began tanking in December 2007, and it was 5.4 percent less than it was when the recovery began in June 2009.

Sure, there's been some good news recently about the economy. Unemployment is getting a bit better and auto sales are showing signs of life. But the economy is still struggling like a little old lady trying to cross the street to get to the other side.

For one thing, prices are higher. The monthly Consumer Price Index (CPI) increased by about 0.4 percent between December 2011 and January, which contributed to the 1.3 percent decline in income between December 2011 and January 2012. The income amounts in the report do not even reflect the increases in oil and gasoline that hit households hard in February.

This news, combined with the recently released Elder Economic Security Standard Index, which showed that more than one-half of elder households in the United States have incomes that do not cover basic expenses, puts the recovery in perspective. Better have patience, it's going to take a while.