"Real liberty is neither found in despotism or the extremes of democracy, but in moderate governments.
Alexander Hamilton

Wednesday, September 14, 2016

U.S. household income posted a record increase in 2015

The Census Bureau said on Tuesday that median household income surged 5.2 percent last year to $56,500, the highest since 2007, in large part due to solid employment gains. The jump was the biggest since record keeping began in 1968.
Other highlights:
  • Income grew for households across the income distribution, with the fastest growth among lower- and middle-income households. 
  • The number of people in poverty fell by 3.5 million, leading the poverty rate to fall from 14.8 percent to 13.5 percent, the largest one-year drop since 1968, with even larger improvements for African Americans, Hispanic Americans, and children.
  • More than 15 million private-sector jobs created.
  • Refundable tax credits like the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) lifted 4.8 million children out of poverty. .
  • Real wages rising at their fastest rate in any business cycle since the 1970s. 
  • Typical household income rose by $2,800 -- the single biggest one-year increase on record. 
  • The pay gap for women shrank to its lowest level ever. 

No comments: