Posted on 06/13/2016 11:33:29 AM PDT by george76
The average man with a full-time job in 2014 earned less than the average man in 1973 ... shedding additional light on the perceived economic stagnation and frustration among middle-income Americans in recent years.
...
the median earnings of a man working full-time in 1973 was $53,294 — measured in 2014 dollars — while the median income for a man working full-time in 2014 was $50,383.
“This one fact, tucked in Table A-4 of the Census Bureau’s annual report on income, is both a symptom of an economy that isn’t delivering for many ordinary Americans and at least one reason for the dissatisfaction, anger, and distrust that voters are displaying in the 2016 presidential campaign,” David Wessel, director of the Brookings Institution’s Hutchins Center
(Excerpt) Read more at breitbart.com ...
That is wage income. When one adds in interest into the equation, the drop is even more dynamic. That is why seniors are having such a difficult time of it. Anyone who saved money figuring they would live partly off interest has gotten destroyed.
The CHEAP LABOR EXPRESS keeps wages down and citizens in line... well, that’s Romney’s wet dream.
Both illegal immigration and overseas outsourcing always had one goal: break the Unions, and the pricing power of labor.
The fact that the U.S. turns into an ethnically balkanized police state to accomplish that means nothing to the Ruling Class. The important point is, their profits mount, and they won't be living where the grunts are anyway.
You also used to get 5 percent on your savings. Yet another hit.
Welfare began in 1964, then with the Coinage Act of 1965 spending ramped up and devaluation stepped in. By 1971 the Brits and Italians realized the “New System” for what it was and demanded their payment in Bullion. President Nixon promptly closed the Gold Window because we were BANKRUPT. NOTHING HAS CHANGED, the Money Changers have been Stealing 5% annually from EVERY DOLLAR IN EXISTENCE.
Yeah, that average vs. median thing trips up a lot of people. Sowell would have to write a column about it every year, but even he has given up, I think.
That’s what happens when you flood a labor market with fraudulently documented foreigners and don’t enforce the laws.
Exactly as planned.
Courtesy of The Cheap Labor Express
I’ve been pointing this out for DECADES, that it now takes 2 incomes to basically equate what 1 income made 40 years ago... and I get attacked every time I point that out here.
For 4 decades both parties have been selling this nation out.
1976 median household income adjusted for inflation vs 2016 is roughly the same adjusted for inflation, meanwhile the average household is now a two income household vs a single income household...
What is the excuses folks give when this is pointed out.. yea, but costs of things are cheaper so you are actually better off, now that your mom isn’t home with your kids because she has to work to pay bills, but its okay because you can buy a $6 toaster, you are better off.
Idiots.
Benefits are new since 1973?
Are we intentionally distorting reality to attempt to make a point?
Healthcare costs have been hidden in benefit packages to a certain extent, but there were a lot more defined pension plans in the 70’s that are long gone.
Personally, I have a lot of extended family members working blue collar jobs & I’ve watched them tread water and lose ground for the last +20 years.
It’s no coincidence that men’s wages stagnated as immigration surged beginning in the 1970s.
Why would you add interest when discussing wage income?
Right there with ya. In fact, probably worse off.
It’s unbelievable these days.
Thanks - missed it in the body.
The overall issue is a decline of purchasing power and standard of living, got it?
Four generations have lived in this house but due to the economy, we’re being forced to move.
Oh believe me, I understand completely.
I'm borrowing a lot more than I'm holding as checking or savings balances. The median worker potentially even more so than me.
Benefits are nontaxable. As health care costs rose, rational employers offered more non-taxable benefits in lieu of pay increases. Not even considering income taxes, a pay increase meant both you and your employer paid Medicare/SS taxes.
For some strange reason, I remember my employer in 1977 informing us that single health insurance was costing him $40 per month (he paid 100%). Tax the difference at almost 15%.
I offered the way to check the writer's dishonesty. You instead fell back on anecdote. Waste of time.
But why? Why has wealth income stagnated for the middle class?
The reason is stored inside the vast crevasses of my cranial capacity. Let me look. Oh, there it is. dot dot dot 1970ish dot dot dot. What significant event occurred in 1970ish?
The rich DID get richer since then. The middle class has been decimated since 1970ish.
USA went OFF the GOLD STANDARD completely about 1970ish. Charts exist that shows from 1970ish until now, the rich gap widened. Money charts do exist as proof. I have it buried somewhere. The GOLD STANDARD kept the middle class wealthy. Middle Americans should be demanding a GOLD STANDARD.
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