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Credit: Getty Royalty Free
The overall numbers you see in the reports on the new federal income and poverty data look positive. The median household income of $ 61,400 was up 1.8% in real terms between 2016 and 2017, according to the Census Bureau. The official poverty rate went from 12.7% to 12.3%.
However, single-point numbers can be almost meaningless without context. This surrounding information, also available from the Census Bureau, is less cheerful. Here are some graphs showing the problems.
The graph shows that the median household income has improved over the years.
Real median incomeUS Census Bureau
However, a footnote indicates that data for 2013 and prior years reflect revised income issues and a modified definition of median income. The graph below shows the median income revised retroactively from 1999 to ensure consistency with the current measure
Revised median household incomeUS Census Bureau
Over the last 18 years, the real median household income has decreased by 1%. Although the improvement in the median household income in recent years is good, the country is still trying to catch up with the time leading up to the Great Recession.
Look at the 1999 to 2007 portion of the curve. He represents the dot-dot at one end and the madness of risky financial manipulations and the last days of the real estate boom of the other. Even if money accumulates in the accounts of the rich, during periods of supposedly good economic activity, ordinary people are increasingly left out.
Here is a photo per race:
Median income by raceUS Census Bureau
If you are black, the median income is 34% below the overall median. If you are Hispanic, it is 18% lower.
The following chart shows the actual median income from 1967 to 2017 according to certain income percentiles.
Median income by selected income groupsUS Census Bureau
If you are in the middle or bottom of the economic scale, the median household income has increased by $ 3,700 since 1967 at the 10 th percentile and by $ 15,400 at the 50 th percentile.
For the country's 5th highest percentile, the increase was 94%. The top 10th percentile grew by 85%.
In this more complete context, a small addition to the overall median income means almost nothing. Most people still can not afford college education for their children. According to the Census Bureau, the median house price in 1967 was around $ 22,500, compared to $ 7,200 in 1967 for median income. The house was 3.1 times more than the annual household income.
In 2017, the median housing price was about $ 330,000, while the median household income was, as we have just seen, $ 61,400. This makes the house 5.4 times larger than income.
One year of tuition, room and board fees was $ 9,915 in 2015-2016. This represented 21.6% of household income in current dollars. Now it's $ 22,432 (2015-2016 figures, the most recent available), or 36.5% of revenue.
Even with insurance, health care costs have far exceeded expectations. Some academics want to redefine poverty based on consumption and claim that only 3% of the population is poor. And yet, the burden that housing and education, necessary to live, work and progress, place in relative weight, suggests that these changes have little practical meaning.
The official poverty rate is 12.3%, which is better than the 22.4% in 1959. But we still have 39.7 million poor, which is a little more in absolute numbers than in 1959. Poverty rates by race vary considerably.
Poverty rate by raceUS Census Bureau
The percentage of people whose income is less than half the level of poverty has actually increased since 1975. At that time, 30.1% of the poor lived with incomes half of poverty. Today, it is 46.7%. Even though the level of poverty seems somewhat stable, people are becoming poorer.
The assumption that things improve economically for most people is to say that you can go home to get better now that the visit to the emergency is over. Although, for many, the most appropriate analogy could be to move to the intensive care unit.
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Credit: Getty Royalty Free
The overall numbers you see in the reports on the new federal income and poverty data look positive. The median household income of $ 61,400 was up 1.8% in real terms between 2016 and 2017, according to the Census Bureau. The official poverty rate went from 12.7% to 12.3%.
However, single-point numbers can be almost meaningless without context. This surrounding information, also available from the Census Bureau, is less cheerful. Here are some graphs showing the problems.
The graph shows that the median household income has improved over the years.
Real median incomeUS Census Bureau
However, a footnote indicates that data for 2013 and prior years reflect revised income issues and a modified definition of median income. The graph below shows the median income revised retroactively from 1999 to ensure consistency with the current measure
Revised median household incomeUS Census Bureau
Over the last 18 years, the real median household income has decreased by 1%. Although the improvement in the median household income in recent years is good, the country is still trying to catch up with the time leading up to the Great Recession.
Look at the 1999 to 2007 portion of the curve. He represents the dot-dot at one end and the madness of risky financial manipulations and the last days of the real estate boom of the other. Even if money accumulates in the accounts of the rich, during periods of supposedly good economic activity, ordinary people are increasingly left out.
Here is a photo per race:
Median income by raceUS Census Bureau
If you are black, the median income is 34% below the overall median. If you are Hispanic, it is 18% lower.
The following chart shows the actual median income from 1967 to 2017 according to certain income percentiles.
Median income by selected income groupsUS Census Bureau
If you are in the middle or bottom of the economic scale, the median household income has increased by $ 3,700 since 1967 at the 10 th percentile and by $ 15,400 at the 50 th percentile.
For the country's 5th highest percentile, the increase was 94%. The top 10th percentile grew by 85%.
In this more complete context, a small addition to the overall median income means almost nothing. Most people still can not afford college education for their children. According to the Census Bureau, the median house price in 1967 was around $ 22,500, compared to $ 7,200 in 1967 for median income. The house was 3.1 times more than the annual household income.
In 2017, the median housing price was about $ 330,000, while the median household income was, as we have just seen, $ 61,400. This makes the house 5.4 times larger than income.
One year of tuition, room and board fees was $ 9,915 in 2015-2016. This represented 21.6% of household income in current dollars. Now it's $ 22,432 (2015-2016 figures, the most recent available), or 36.5% of revenue.
Even with insurance, health care costs have far exceeded expectations. Some academics want to redefine poverty based on consumption and claim that only 3% of the population is poor. And yet, the burden that housing and education, necessary to live, work and progress, place in relative weight, suggests that these changes have little practical meaning.
The official poverty rate is 12.3%, which is better than the 22.4% in 1959. But we still have 39.7 million poor, which is a little more in absolute numbers than in 1959. Poverty rates by race vary considerably.
Poverty rate by raceUS Census Bureau
The percentage of people whose income is less than half the level of poverty has actually increased since 1975. At that time, 30.1% of the poor lived with incomes half of poverty. Today, it is 46.7%. Even though the level of poverty seems somewhat stable, people are becoming poorer.
The assumption that things improve economically for most people is to say that you can go home to get better now that the visit to the emergency is over. Although, for many, the most appropriate analogy could be to move to the intensive care unit.
