…and the average income rises.
The census numbers on what American families made last year are as mediocre as they are predictable. We now know that if your household brought in $51,939 in income last year, you were right at the 50th percentile, with half of households doing better and half doing worse. In inflation-adjusted terms, that is up a mere 0.3 percent from 2012. If you’re counting, that’s an extra $180 in annual real income for a middle-income American family. Don’t spend your extra $3.46 a week all in one place.
There’s a chart in the NYTimes article that shows more clearly than anything how far we’ve fallen with The Miracle Of The Bush Economy began. The GDP has grown by leaps and bounds as America’s multination corporations have benefitted greatly from killing off the working class and moving operations off-shore.
I know technically we left the Great Recession years and years ago, and outside of the rarified air of Silicon Valley (the board rooms and suites, not so much in the cubicle farms and veal-fattening pens) and Wall Street, I really don’t know of anyone who is doing better; I do know some people who are holding steady, but most people in my circle are doing considerably worse. So while the technical definition is that the US is in good times, to most of us we are well on the way to a lost decade, if not a lost generation.