Median Income Plummets

KREX ^ | 09/16/09

[george76]

The median income for American households plummeted last year, taking the steepest dive in history. The U.S. Census Bureau’s annual report shows a 3.6% drop in median income ...

The report shows middle aged Americans were hit the hardest...

[Army Air Corps]

The median income for American households plummeted last year,...

Last year, a.k.a The Good Ol' Days.

[pissant]

I know mine is gonna be a record dive THIS year.

[dragnet2]

We've got millions of our own American brothers and sisters out of work, losing their a$$es, and yet the Fedgov continues to flood our country with foreigners, many of which are extremely questionable? And our borders are still wide open?

Glad those that established this once great country can't see it now.

[dfwgator]

[Williams]

This evokes another character from the “Batman” movie.

I’m thinking of the convict on the prison boat wired with explosives who tells the warden to give him the control that can blow up the other boat of innocents and thereby selfishly save the convicts’ lives.

“Give it to me” he says “And I’ll do what you should of done ten minutes ago”

We all know the convict then does the right thing and throws the control in the water.

This time we need someone to tell Barack Obama and the democrats do what they should of done from the beginning - LOWER TAXES.

[Lurker]

You and me both, brother.

[builder]

Same here from this Northern California building contractor.
This downturn in building is about equal to the 1980 thru 82 years ,when the Jimmy Carter interest rates were 19%

[The Unknown Republican]

Yeah...as I’ve seen stated elsewhere: I Hope I have some Change left before this clown gets through with us...

[pissant]

My business depends on medium and large businesses spending on capital improvements. Almost no one is spending, due to this marxist buffoon in the whitehouse.

[Atlas Sneezed]

If this is “household income” then it is even worse than it appears, because of all the vacant residences, and adult kids returning to the nest, and others doubling up, which would tend to increase household income.

[Atlas Sneezed]

This downturn in building is about equal to the 1980 thru 82 years ,when the Jimmy Carter interest rates were 19%

---

Now imagine the current situation, and rates go up to 19% due to all the money they are printing.

[sten]

so i was wondering about that top tax rate. i have heard that it use to be higher and i was wondering... considering next year i'll be paying an almost flat rate of 66% on my income, in an income tax free state, how crazy high was it?

well, in 1965 it was about 70% for the top category.

i was like.. well, yea.. that is pretty high (not much higher then now). then i saw an interesting side note.

what amount of income would qualify someone for the top rate in 1965? i mean, today it's about $250k for a family, or about $150k for an individual.

then i found the number. in 1965, the top rate would kick in at $200,000. at first glance, that looks about right. then i wondered how much $200,000 in 1965 was worth. well, the median family income was $6,882. today, it's about $50,000. hmmm. time to fish out the calculator.

after using the calculator to adjust for inflation from 1965 to 2009... $200,000 in 1965 is worth $1,347,628 in 2009. WHOA!

and what percentage of the population qualified for the top rate? less then 1%.

so basically... they have been giving us a tax hike every year they weren't adjusting the tax lines for inflation.

source info:

historical tax rate: tax timeline
calculate then year dollars into this year dollars: inflation calculator
historical income rates: 1965