According to the latest data from the Census Bureau, the typical American family makes less than it did in 1989. In 1989, the median American household made $51,681 in current dollars (the 2012 number is $51,017). That means that 24 years ago, a middle class American family was making more than the a middle class family made one year ago.
It's all about government regulations suffocating the economy and making it more expensive for firms to hire workers. In a few years, if Obamacare is in full operation, I expect to see a decline in American life expectancy. Welcome, to your centrally planned life.
median income in 1995 was 50,978. Median income was inflated by the dot com bubble and housing bubble. The "crash" took place when the bubble's collapsed. Now median income has returned to its pre-bubble level, supporting the claim that there are not significant financial bubbles now.
ReplyDeleteIn 1970, real median income was 45,641. In 1979 real median income was 48,520. Was the 70s marked by deregulation? No, it was marked by high inflation.
WOW! If those are middle income totals, then I have been in poverty level for years and never realized it! That actually makes me feel good as I have never needed or been on well fare and have lived very comfortably. :)
DeleteAll of this is meaningless unless you specify how you are calculating 2012 dollars compared to 1989 or 1995 dollars. I suspect that this chart and Mr. Wolfgang's numbers are based on the government CPI, that is, fantasy and persiflage. What is the real value of a 2012 dollar compared to 1989 and 1995? If we were to use shadowstats.com's numbers, I suspect "real" household income today is much lower - by an order of magnitude - than either 1989 or 1995, or the 70s for that matter.
ReplyDeleteAlso, how many workers per household are there now as compared to previous years? No doubt there are more two income households now?
Horrible analysis. Does not adjust for household size. Fewer members should equate to lower household income. We've been in a general downward trend in household size. Do the research and update when you have accurate data.
ReplyDelete