Real Median Earnings for Men at 1971 Level, Women at 2001 Level; Household Income at 1996 Level; What About the War on Poverty?

By: Mike Shedlock | Wed, Sep 16, 2015
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If you are looking for evidence that QE has done anything to improve income for the bottom half of the nation you will not find it in data released today from the Census Bureau.

Please consider the census report on Income, Poverty and Health Insurance Coverage in the United States for 2014.


Highlights


Real Median Household Income

Real Median Household Income
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Household Income Progress

Real median household income for all races is 6.5 percent lower than 2007, and 7.2 percent lower than the median household income peak ($57,843) that occurred in 1999.


Earnings of Men vs. Women - Fulltime Workers

Earnings of Men vs. Women - Fulltime Workers
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Earnings Progress

By the way, those "real earnings" numbers assume you believe the government's measure of inflation. Note that the CPI does not reflect home prices or property taxes, and is at best a crude, inefficient, measure of prices.


Poverty

Poverty
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The poverty rate is where it was in 1966.

On August 20, 1964, President Lyndon B. Johnson signed the "Economic Opportunity Act" kicking off his "Great Society" and the "War on Poverty".

Johnson stated "Our aim is not only to relieve the symptom of poverty, but to cure it and, above all, to prevent it".

Until Johnson declared a war on poverty there was actually progress on poverty.

In 1996, president Bill Clinton signed the "Personal Responsibility and Work Opportunity Act" on a mission to "end welfare as we know it".

President Clinton succeeded, in a perverse way.

For details of Clinton's success, please see States Have an Incentive to Promote (Not Stop) Disability Fraud; So How Much Fraud Is There?

 


 

Mike Shedlock

Author: Mike Shedlock

Mike Shedlock / Mish
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Mike Shedlock

Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com/ to learn more about wealth management for investors seeking strong performance with low volatility.

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