Census Bureau: Median Incomes Climbing for First Time Since 2007
- Author: Zachary Reyes Sep 13, 2017,
Sep 13, 2017, 22:38
Median household income increased by 5.2 percent, the largest jump since record keeping began in 1967.
Statistics Canada reported that in 2015, 17 per cent of Canadian children under age 18 lived in low-income households, a figure that has stayed virtually unchanged for a decade even as median incomes have steadily gone up across the country.
The number of people in poverty nationally in 2016 was 40.6 million, which was 2.5 million fewer than in 2015, the bureau said.
"Low-income Texans and Floridians suffer from the new natural disasters and must cope with them in addition to the long-standing human-made ones", he said. A single person making $22,133 qualifies as low-income as does a family of four with an income less than $44,266. Since 2007, average inflation-adjusted income has climbed more than 10 percent for households in the highest quintile of the earnings distribution, while it has fallen 3.2 percent for the bottom fifth.
A person earning the median income in 2015, for example, took home $4,200 less, accounting for inflation, than they did 10 years earlier.
But the annual census report was not as glowing beneath the surface, and economists are concerned that budget proposals curtailing things such as food stamps could thwart continuing progress.
America's middle class is booming. The "median" means half the population earns more, half earns less. The 2015 to 2016 percentage change in their real median income was not statistically significant, the report says. Some government and private forecasters have warned that sluggish productivity gains could continue to restrain income and economic growth in the years ahead. The gender pay gap narrowed for full-time women workers in 2016 to 80.5% of men, compared with 79.6% in 2015. The bureau also said 8.8 percent of people in the United States lacked health insurance coverage in 2016. Finally, there was also data today on health insurance coverage.
The country's poverty rate declined to 12.7 percent returning back to what it was in 2007 prior to a monetary crisis and gaping depression bashed the workers in ways that the scars were left to heal.
Another Census Bureau report, the Supplemental Poverty Measure: 2016, was also released Tuesday. His firm, Sentier Research, which tracks economic data from monthly census statistics, said that by his analysis, the median income in the USA this spring surpassed the previous high.
The strong gains will probably sharpen the political debate between President Donald Trump, who is pressing to overhaul the nation's economic policies, and Democrats who now have more ammunition to argue that the changes Trump seeks would mess with success.