• 8 hours America Has Shed 500,000 Millionaires Since The Coronavirus Lockdown Began
  • 14 hours Trump Wants Another $2 Trillion Economic Intervention
  • 1 day The Surprising Businesses Deemed “Essential” During The Coronavirus Lockdown
  • 2 days Priceless Van Gogh "Spring Garden" Painting Stolen
  • 2 days Oil Falls To $20 For First Time In Nearly Two Decades
  • 2 days COVID-19 Could Be The End Of U.S. Coal
  • 2 days How Much Does Your Social Security Number Cost? $4 On The Dark Web
  • 4 days Silver Stocks Have Been Decimated In The Coronavirus Sell-Off
  • 4 days How Blockchain Tech Could Make Mergers And Acquisitions More Efficient
  • 5 days America’s Shortage Of This Metal Keeps Trump Up At Night
  • 5 days Bidet Bonanza: Defying The Toilet Paper Shortage
  • 6 days U.S. Auto Sales Fall By 75%
  • 6 days Violating Quarantine? Big Brother Is Watching
  • 7 days Does Gold Still Have Some Room To Run?
  • 7 days Major Acquisition Gives The World’s First Green Ride-Share Another Edge
  • 7 days U.S. Pushes For Digital Currency For Immediate Stimulus
  • 8 days The Impossible Challenges Created By Growing Population
  • 8 days Gold Skyrockets After Fed Pledges "Unlimited" Cash To Boost Economy
  • 8 days World’s Richest Lose $1 Trillion In Stock Market Rout
  • 9 days Gas Stations Shut Down In Venezuela As Coronavirus Crisis Intensifies
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

  1. Home
  2. Markets
  3. Other

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

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

  • Median household income was $53,657 in 2014 [down 1.5% from 2013]. This is the third consecutive year that the annual change was not statistically significant, following two consecutive years of annual declines in median household income.
  • In 2014, real median household income was 6.5 percent lower than in 2007, the year before the most recent recession.
  • The real median income of non-Hispanic White households declined 1.7 percent between 2013 and 2014. For Black, Asian, and Hispanic-origin households, the 2013-2014 percentage changes in real median income were not statistically significant
  • The real median income of households maintained by a foreign-born person increased by 4.3 percent between 2013 and 2014. In contrast, the median income of households maintained by a native-born person declined 2.3 percent.


Real Median Household Income

Real Median Household Income
Larger Image


Household Income Progress

  • Real median household income for all races is where it was in 1996.
  • Real median household income for white non-Hispanics is where it was in 1997.
  • Real median household income for blacks is where it first was in 1995.
  • Real median household income for Hispanics is where it first was in 1998.
  • Real median household income for Asians is where it first was in 1995.

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
Larger Image


Earnings Progress

  • The female-to-male earnings ratio is at an all-time high of 79 percent
  • Real median earnings of male fulltime workers is at a 1971 level
  • Real median earnings of female fulltime workers is at a 2001 level

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
Larger Image

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?

 

Back to homepage

Leave a comment

Leave a comment