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 bjornskimn rated 14 months ago - From the page: "The New York Times reports that "Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows. While incomes have been on...
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- bjornskimn rated 14 months ago
- From the page: "The New York Times reports that "Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows. While incomes have been on the rise since 2002, the average income in 2005 was $55,238, still nearly 1 percent less than the $55,714 in 2000, after adjusting for inflation, analysis of new tax statistics show."
In fact, the inflation damage for most families is worse than these average numbers suggest, since, as the Times says, "the growth in total incomes was concentrated among those making more than $1 million. The number of such taxpayers grew by more than 26 percent, to 303,817 in 2005, from 239,685 in 2000. These individuals, who constitute less than a quarter of 1 percent of all taxpayers, reaped almost 47 percent of the total income gains in 2005, compared with 2000."
For any individual or family, such figures translate into harsh facts at the checkout counter. Just in the last year the price of oranges and eggs has risen almost 20 percent. Milk is up more than 13 percent, chicken 10 percent, even potatoes are up more than 5 percent."
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