The Terrible Facts about the Real Earnings of Men
The Terrible Facts about the Real Earnings of Men by Wolf Richter – Wolf Street
The income data from the Census Bureau is here. Men, sit down.
- Median household income, adjusted for inflation (via CPI), rose 3.2% between 2015 and 2016 to $59,039, the second year in a row of annual increases.
- For “family households,” the median income rose 2.7% to $75,062. For “nonfamily households,” it rose 4.5% to $35,761.
- The official poverty rate (weighted average threshold for a family of four = $24,563) inched down from last year to 12.7%, about the same as in 2007, before the Financial Crisis made a mess of people’s lives. In total, 40.6 million people live in poverty by this definition.
- The poverty rate for families fell to 9.8%, from 10.4% a year earlier, affecting 8.1 million families.
The survey is based on respondents at 98,000 addresses across the US — so a very large sample. Household income includes the amounts of money that the household received during that year from each of the following sources:
- Unemployment compensation
- Workers’ compensation
- Social security
- Supplemental security income
- Public assistance
- Veterans’ payments
- Survivor benefits
- Disability benefits
- Pension or retirement income
- Rents, royalties, and estates and trusts
- Educational assistance
- Child support
- Financial assistance from outside of the household
- Other income
All these sources combined form household income in this survey. Adjusted for inflation via the Consumer Price Index for urban consumers (CPI-U), the median household income, at $59.039, has set a new record, beating the prior record set in 1999 ($58,665).