Saturday, December 11, 2010
We are fast becoming a Third World nation...
How much does the average American make in 2010? Examining new data on U.S. household income numbers and high income earners. 100 million Americans make less than $39,999 per year.
Examining the average income for Americans sheds a very troubling light on what has happened to income over a very financially destructive decade. If we look at the median household income in the U.S. this actually underplays the falling behind of wages because we are looking at households with multiple people working. Without a doubt the median wage is bolstered by two income families but when we break this out, we realize how challenging things have gotten for most Americans on a very personal level. You might even be one of these people (the odds are good that you individually make less than $40,000 per year given that 66 percent of individual Americans make this amount or less). For this article I will be looking at recent income data from the Census, Social Security, and also examine tax receipts for the Federal Government. What we find is a pooling of money at the top while most Americans have found a smaller paycheck with much less employment security. One startling fact that I found looking at Social Security information was that 100,000,000+ Americans earn an average of $39,999 or less a year (66 percent of all Americans). When we break down the cost of daily living and what one would expect out of a middle class lifestyle we get a better understanding of why so many people feel that they are being left behind in a dust cloud of economic verbiage.