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I guess when they say that the economy has been grateful Wall Street and not for the average American, they weren’t kidding.
Written by GussAmericans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows.
While incomes have been on the rise since 2002, the average income in 2005 was $55,238, still nearly 1 percent less than the $55,714 in 2000, after adjusting for inflation, analysis of new tax statistics show.
The combined income of all Americans in 2005 was slightly larger than it was in 2000, but because more people were dividing up the national income pie, the average remained smaller. Total adjusted gross income in 2005 was $7.43 trillion, up 3.1 percent from 2000 and 5.8 percent from 2004.
Total income listed on tax returns grew every year after World War II, with a single one-year exception, until 2001, making the five-year period of lower average incomes and four years of lower total incomes a new experience for the majority of Americans born since 1945.
The White House said the fact that average incomes were smaller five years after the Internet bubble burst “should not surprise anyone.”
University Update - Al Gore - Average Incomes Fell for Most in 2000-5 linked with University Update - Al Gore - Average Incomes Fell for Most in 2000-5
University Update - Al Gore - Average Incomes Fell for Most in 2000-5 Says:
August 21st, 2007 at 7:51 amVisit University Update - Al Gore - Average Incomes Fell for Most in 2000-5
[...] Clark Average Incomes Fell for Most in 2000-5 » This article link is from an article posted at J’s Cafe Nette on Tuesday, August 21, 2007 [...]
Big Mo Says:
August 21st, 2007 at 12:56 pmVisit Big Mo
Here is an excellent debunking of The Times’ faulty analysis:
http://engram-backtalk.blogspot.com/2007/08/misleading-income-statistics-courtesy.html
Sue Says:
August 21st, 2007 at 1:08 pmVisit Sue
And another take down of this article:
Here.
When will the NYT discover that with the inception of the internet and bloggers, they no longer can get away with throwing everything against the wall and having it all stick?
Guss Says:
August 21st, 2007 at 4:10 pmVisit Guss
Big Mo,
I don’t usually post anything from the New York Times. They are little too conservative for me.
Sue Says:
August 21st, 2007 at 4:29 pmVisit Sue
Guss:
In reference to comment 4..
Big Mo Says:
August 21st, 2007 at 4:44 pmVisit Big Mo
Conservative in that they are stingy on facts, I guess!
Guss Says:
August 22nd, 2007 at 5:29 amVisit Guss
Big Mo,
I know, that wasn’t funny but I was kidding.