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1. the Pew linked source you give shows numbers in constant 2018 (inflation adjusted) dollars. You seem to be saying in your comment here that the median family
by dweekly 6y ago
1. the Pew linked source you give shows numbers in constant 2018 (inflation adjusted) dollars. You seem to be saying in your comment here that the median family in 1970 was making $58,700 in 1970 dollars. It was $9,870 in 1970 dollars per the US Census: https://www.census.gov/library/publications/1971/demo/p60-78.html https://www.census.gov/library/publications/1971/demo/p60-78...
2: It's interesting to look at debt, but net worth gives a more complete picture as larger assets can offset larger debts. On this front things we're looking pretty rosy for the median US household up until 2007, when the Great Recession roughly halved household net worth and hasn't seen a recovery since: https://www.financialsamurai.com/the-median-net-worth-of-us-households-over-time-has-gone-nowhere/ https://www.financialsamurai.com/the-median-net-worth-of-us-... - the "good news" is that things aren't worse than where they were in the 60's in inflation-adjusted terms. The terrible news is the truly astonishing racial gaps in household median net worth: https://www.taxpolicycenter.org/fiscal-fact/median-value-wealth-race-ff03112019 https://www.taxpolicycenter.org/fiscal-fact/median-value-wea...
- igravious 6y agoYes of course, thanks. Hope you don't mind but I've changed my comment to correct my gross error. I still think it's odd to argue that the middle class on aggregate are doing better when clearly they are not.