The average pre-tax income fell 0.9 percent from the same period a year earlier, to $64,432. But broken down into quintiles, those in the top 20 percent of incomes saw their money stream grow by 0.9 percent to $166,048 on average. Every other group lost ground, with the bottom 20 percent losing the most: their average income dropped 3.5 percent to $9,818.
Decline for middle income Americans since 1967 Millenials more likely to live in poverty than parents
During recovery, wealth at top went up 28% while rest went down 4%
Washington's Blog - After adjusting for inflation, median household income has fallen by nearly $5,000 since 2007.In 1967, 53 percent of Americans were considered to be “middle income”. But today, only 43 percent of Americans are.
News Republic - In 1980, the typical young worker in Detroit or Flint, Michigan, earned more than his counterpart in San Francisco or San Jose. The states with the highest median income were Michigan, Wyoming, and Alaska. Nearly 80 percent of the Boomer generation, which at the time was between 18 and 35, was white, compared to 57 percent today. Three decades later... Michigan's median income for under-35 workers has fallen by 26 percent, more than any state. In fact, beyond the east coast, earnings for young workers fell in every state but Hawaii and South Dakota.
2014
When income peaked in your county
The latest analysis by the AFL-CIO shows that the average U.S. CEO was paid 331 times more than their average worker last year, and 774 times more than a minimum wage worker. That's a significant increase in the past three years
Back to the 1920s
WALL STREET JOURNAL
In 1989, the median American household made $51,681 in current dollars (the 2012 number, again, was $51,017). That means that 24 years ago, a middle class American family was making more than the a middle class family was making one year ago.
2 comments:
The western republics economies are still unwinding from the cold war era. The natural condition of the real republic is third world chaos as things stand now in terms of democracy design and economic system design, etc. Cell phones and internet help a little in terms of positive political economy but they are not enough to date. They are simply a little boost in terms of information control for the common people, not much more. So the landing zone is third world chaos for most western republics, nothing new, just a repetition of history of a sort. If one cares to honestly look most republics around the world have been in third world chaos all the time even during the cold war era. Simply the western elites did not need them for a stable power base and did not give ground as like in the western republics.
If you want to know the future for most western republics look at today's Greece. Greece the birthplace of the proper republic and proper democracy, etc. Most republics will follow the path of Greece. I suggest running more stories about Greece, that is the future. It took around a hundred years for the cold war to form up, if that history repeats then we are in a rough ride for at least a hundred years before relief (mini dark age). In the meantime likely to have some nasty wars to go through. Just simple repeating history if so....
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