The new Census Bureau data on income and poverty reveal that many of the economic trends in this country are a lot more favorable than America's detractors seems to think. In 2007, overall real median family income increased to $50,233, up $600 from 2006. The real median income for intact families -- mother and father in the home -- rose to $78,000, an all-time high.
When all sources of income are included -- wages, salaries, realized capital gains, dividends, business income and government benefits -- and taxes paid are deducted, households in the lowest income quintile saw a roughly 25% increase in their living standards from 1983 to 2005. (See chart nearby; the data is from the Congressional Budget Office's "Comprehensive Household Income.") This fact alone refutes the notion that the poor are getting poorer. They are not. <<<Facts tend to indicate this is an incorrect conclusion
You need to quit reading the new and improved WSJ. Two things from this article alone should make you question EVERYTHING that they now write. Because of their new policies, I quit reading much of their material, using them as tech reference only.
First, the MEDIAN income increase of $600 reflects a REAL DOLLAR increase in of 1.20% but, factoring in INFLATION [2006-7 average of 3.51%] shows a NET LOSS] WSJ CHOSE
to not tell you that information in their little article.
Second, that lowest quintile of income that saw a 25% increase in their "living standards from 1983-2005" based on "wages, salaries, realized capital gains, dividends, business income and government benefits"...That same 22 year span had a cumulative inflation of 95.15%. WSJ CHOSE
not to tell you that information in their little article.
It is important to look at ALL of the information before drawing a conclusion, not just the parts that make what you think to be your point.