Between 2006 and 2007, real median household income increased 1.3 percent to a level of $50,233—the third consecutive annual increase.
Posted on 09/06/2008 12:53:45 PM PDT by Son House
Adjusted gross income reported on tax returns in 2006 averaged $58,029. In 2006 dollars that was an increase of $739, or 1.2 percent, from the $57,289 average in 2000, analysis of Internal Revenue Service data showed.
Total income increased by $619.2 billion or 8.3 percent, all of which went to those making more than $75,000, and 42 percent of which went to the roughly one in 400 taxpayers who made more than $1 million in 2006.
Average income fell sharply in 2001 and in 2002, when it dropped to $51,870, off nearly 10 percent from 2000, tax data show. The average grew slightly in 2003.
Average income grew significantly in 2004, rising $2,291, and again in 2005, when the average increased by $2,210. Income growth continued in 2006, but at a much slower pace, increasing by $1,369 over the 2005 average once inflation is taken into account.
Salaries and wages, by far the largest source of income, nearly returned to the 2000 average in 2006. However, among the highest-paid workers, both total and average wages fell, an indication of how the Internet bubble had concentrated gains among a relatively few workers
(Excerpt) Read more at nytimes.com ...
Between 2006 and 2007, real median household income increased 1.3 percent to a level of 
But the Messiah said yesterday that under Clinton, average income went up $75,000. Was he lying?
That’s why I decided not to take his word for it, I don’t think his Political Science Major required him to take an Economics class, he also has a knack to make up new economic terms like “Unbalanced Economy”
Here’s to your post!
My take on this is that the housing bubble arose out of a desire to cushion the effects of Sept. 11. Why would the inevitable re-balancing process necessarily be more impactful than the 9/11 attacks?
Just my take — the reason this 3.3% growth recession is getting talked up so much is that there is hope that the perception of economic difficulty will decrease demand and help counter inflation by reducing pricing power, while already-deflating housing values come back to more affordable levels.
to clarify, the dems obviously talk it up to foment discontent, not to counter inflation. But financial journalism has seemed very pessimistic for many months. Did any financial prognosticator predict 3.3% growth a while back?
I think cracking down on illegals is also probably a factor and the apparent departure of a million or more illegals. They have kept down pay for lower income workers since they first swarmed into our country illegally.
I have to say that I am sometimes really confused by BO’s reporting of the economic condition of the average American under the Bush administration.
I really don’t think I am a huge exception to what he says! Under the Clinton administration, as a single woman I had to work 2 jobs to be able to afford my apartment in a safe neighborhood. I had no dream of ever owning my own home.
Under George Bush, I doubled my salary of both jobs and now only work one. I also own my home! I did get one of those variable rate mortgages from Countrywide. They gave me plenty of notice about remortgaging to a fixed rate and what would happen if I did not. I bought under what I could afford as I am looking at retirement because I thought it a sensible and prudent thing to do. I have remortgaged to a fixed 5.2% mortgage where my monthly payments decreased by $800 per month.
I worry about a BO presidency where I might just be taxed out of my gains.
Is my story really that obscure?
Congratulations on your success!
I’d bet you didn’t spend a lot of time focusing on “how bad things are out there” ;-)
I see “talking down the economy” more and more like a virus that gets passed around in the public sphere and each person gets to decide if they want to let it affect their confidence or not.
It does take some willpower to be positive when surrounded by naysayers - like swimming upstream against the current.
But I’d guess that in the stock market, the ones who buy on the dips aren’t caught up in fear at all, but instead they are imagining with satisfaction their future profits. Privately, of course :-)
Isn’t it the case that you can walk into a 7-11 in an “impoverished” blighted area and still find small bottles of water for sale at a cost per gallon greater than gas?
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