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This meme is backed by US government data https://www.census.gov/library/publications/2023/demo/p60-279.html https://www.census.gov/library/publications/2023/de
by orwin 3y ago
This meme is backed by US government data https://www.census.gov/library/publications/2023/demo/p60-279.html https://www.census.gov/library/publications/2023/demo/p60-27...
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Highlights:
- Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330 (Figure 1 and Table A-1).
- Householders under the age of 65 experienced a decline in median household income of 1.4 percent from 2021, while householders aged 65 and over did not experience a significant change in median income between 2021 and 2022 (Figure 1).
- The money income Gini index decreased by 1.2 percent between 2021 and 2022 (from 0.494 to 0.488); this represents the first time the Gini index has shown an annual decrease since 2007 (Figure 3 and Table A-3).
- Between 2021 and 2022, the number of full-time, year-round workers increased by 3.4 percent, compared to a 1.7 percent increase in the number of total workers. This suggests a continuing shift from working part-time or part-year to full-time, year-round work.
- In 2022, 65.6 percent of working women worked full-time, year-round. This is the largest share on record.
The real median earnings of all workers (including part-time and full-time workers) decreased 2.2 percent between 2021 and 2022. Median earnings of those who worked full-time, year-round decreased 1.3 percent (Figure 4 and Table A-6).
"""
Note that in the US, it is extremely hard to have the number for both income and wages. In my country, wages are a smaller proportion of average income every year, but i'm unable to see if it's the same in the US.
- ajross 3y ago2021-22 is cherry-picked to land dead center in the middle of the inflation burst. Check the FRED charts I posted elsewhere in this thread and look to numbers before covid. They literally say the opposite.
- orwin 3y agoIt's inflation adjusted. On the income graph you shared, the same decline was present (but it stopped in 2022 too, which is the last data we have, so 'cherry-picked'). Also nothing about the gini coefficient. Also, if wages are a shrinking percentage of income, that mean rent will slowly bring more money home than work, which is terrible news.
- orwin 3y agoAlso, sorry if it seems I pile on you, but I was looking at disposable income for an unrelated reason and thought back at our discussion, changed to country to the US, and once again confirmed my original thoughts. Here the gross per capita disposable income 2008-2022: https://data.oecd.org/chart/7hG5 https://data.oecd.org/chart/7hG5 Once again, a lot of limits: 2022 was indeed worse than surrounding years, it's per capita, because median it really hard to find, and income is not really meaningful, not if the subject is the working poor.
- ajross 3y agoAgain, this is horrible, horrible cherry picking! 1. 2022 was right in the middle of the disruption, which is now over. 2. You're showing a derivative chart and not the value, which amplifies noise into signal. What if it showed a giant leap in the following quarter (which it does!), would you change your mind from "it's terrible" to "it's amazing"? 3. Disposable income tends to be a noisy statistic anyway as it's a delta statistic conflates motion of two different measurables (income and expenses) that are perfectly measurable by themselves. 4. You're just wrong anyway. Here's the FRED chart (always go to FRED, always, everyone else is peddling something) of exactly the statistic you posted. Tell me if this chart is consistent with the story you interpreted: https://fred.stlouisfed.org/series/DSPI https://fred.stlouisfed.org/series/DSPI Edit, sorry: that was the nominal chart, here's the inflation-correct one. Needless to say, it tells the same story: https://fred.stlouisfed.org/series/DSPIC96 https://fred.stlouisfed.org/series/DSPIC96