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Incredible 2019 economic numbers
Posted on 9/23/20 at 1:16 pm
Posted on 9/23/20 at 1:16 pm
Based upon US Census report issued last Tuesday:
Real median income for American households increased 6.8 percent in 2019—a jump of almost $4,400
The poverty rate also declined in 2019—for the fifth consecutive year. Last year the poverty level fell to its lowest rate (10.5 percent) since the federal government started keeping records in 1959.
Real (i.e., inflation-adjusted) earnings for full-time, year-round workers increased by 2.1 percent for men, and 3.0 percent for women.
The number of individuals in work increased—the total number of workers with earnings increased by 2.2 million, and the number of full-time, year-round workers increased by 1.2 million.
Median incomes for black (7.9 percent) and Hispanic (7.1 percent) households rose at a faster rate than incomes for households led by non-Hispanic whites (5.7 percent).
Median incomes for women (7.8 percent) grew more than three times as fast as incomes for men (2.5 percent).
The poverty rates for blacks and Hispanics also fell to all-time lows.
The Federalist
Real median income for American households increased 6.8 percent in 2019—a jump of almost $4,400
The poverty rate also declined in 2019—for the fifth consecutive year. Last year the poverty level fell to its lowest rate (10.5 percent) since the federal government started keeping records in 1959.
Real (i.e., inflation-adjusted) earnings for full-time, year-round workers increased by 2.1 percent for men, and 3.0 percent for women.
The number of individuals in work increased—the total number of workers with earnings increased by 2.2 million, and the number of full-time, year-round workers increased by 1.2 million.
Median incomes for black (7.9 percent) and Hispanic (7.1 percent) households rose at a faster rate than incomes for households led by non-Hispanic whites (5.7 percent).
Median incomes for women (7.8 percent) grew more than three times as fast as incomes for men (2.5 percent).
The poverty rates for blacks and Hispanics also fell to all-time lows.
The Federalist
3
Posted on 9/23/20 at 1:22 pm to texn
Posted on 9/23/20 at 1:30 pm to texn
I hope Trump is ready to recite those numbers at the debate next week because Biden is going to spend a lot of time talking about how much the economy sucks and how he will fix it.
Posted on 9/23/20 at 1:42 pm to texn
What I am worried about with all the social unrest we are seeing in 2020 is the Tocqueville Effect:
Wikipedia
quote:
The Tocqueville effect (also known as the Tocqueville paradox)is the phenomenon in which as social conditions and opportunities improve, social frustration grows more quickly. The effect is based on Alexis de Tocqueville's observations on the French Revolution and later reforms in Europe and the United States. Another way to describe the effect is the aphorism "the appetite grows by what it feeds on". For instance, after greater social justice is achieved, there may be more fervent opposition to even smaller social injustices than before. The effect suggests a link between social equality or concessions by the regime and unintended consequences, as social reforms can raise expectations that can't be matched.
According to the Tocqueville effect, a revolution is likely to occur after an improvement in social conditions in contrast to Marx's theory of progressive immiseration of the proletariat (deterioration of conditions).
Wikipedia
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