It’s a shame – at least for those getting poorer. For those getting richer – it only makes sense.
Here are some changes over a one-year period only (2003-2004) just published by the U.S. Census Bureau:
- “Real median earnings of men age 15 and older who worked full-time, year-round declined 2.3 percent between 2003 and 2004, to $40,798. Women with similar work experience saw their earnings decline by 1.0 percent, to $31,223.”
“There were 37.0 million people in poverty (12.7 percent) in 2004, up from 35.9 million (12.5 percent) in 2003.”That makes 1.1 million more people in poverty.
- “There were 7.9 million families in poverty in 2004, up from 7.6 million in 2003.”
That makes 300,000 more families in poverty.
Update (August 31, 2005):
From today’s article in New York Times…
- “‘It looks like the gains from the recovery haven’t really filtered down,’ said Phillip L. Swagel, a resident scholar at the American Enterprise Institute, a conservative research group in Washington. ‘The gains have gone to owners of capital and not to workers.'”
- “Since 1967, incomes have failed to rise for four straight years on two other occasions: starting in the late 1970’s and in the early 1990’s. The Census Bureau does not report household income for years before 1967, but other data show that incomes were generally rising in the 40’s, 50’s and 60’s.”
So, we have a total of three documented periods of such “stabilization” of incomes – one under peace maker Jimmy Carter and two under the House of Bush Warrior Clan.
Update (September 1, 2005):
From today’s editorial in New York Times…
- “And additional census data obtained by the Economic Policy Institute show that only the top 5 percent of households experienced real income gains in 2004. Incomes for the other 95 percent of households were flat or falling.
They should be ashamed of themselves.”I wonder… in what country do the editors of New York Times live. Don’t they know that America is all about “winners and losers”, “competition, competition, competition…”, “it’s a jungle out there”, and “the winner takes all”. And finally, since “God is in control”, obviously “winners” have “Him” on their side – try argue this point with an American.
And a bit more from today’s Reuter’s story about Katrina:
- “With household debt now up 60 percent in just five years, rising short-term interest rates will already be crimping wallets. Consumer mortgage interest payments alone were up 14 percent in the last year…