US Median Family Income Actually Less Than in 2000

So much for that boom:

The bigger problem is that the now-finished boom was, for most Americans, nothing of the sort. In 2000, at the end of the previous economic expansion, the median American family made about $61,000, according to the Census Bureau’s inflation-adjusted numbers. In 2007, in what looks to have been the final year of the most recent expansion, the median family, amazingly, seems to have made less — about $60,500. … You can think of this as the most basic test of an economy’s health: does it produce ever-rising living standards for its citizens? “We have had expansions before where the bottom end didn’t do well,” said Lawrence F. Katz, a Harvard economist who studies the job market. “But we’ve never had an expansion in which the middle of income distribution had no wage growth.”

Freedom is on the march!

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About Andy Wibbels

Andy is an award-winning blogger and author of the book Blogwild! A Guide for Small Business Blogging. His work has been featured in The Wall Street Journal, USA Today, Entrepreneur, Wired, Business Week, Forbes, and other national and international media. He was worked at several San Francisco startups including Get Satisfaction, SAY Media, InMobi, Keas, and Mindjet. Currently, Andy is Director of Marketing at Lucidworks. Tw · Fb · G+ · Li

One thought on “US Median Family Income Actually Less Than in 2000

  1. Mark

    Wow, that’s amazing. But somebody’s making the money, right? I still can’t get over how “middle class” folk will still unconditionally defend the system even though they’re getting pushed further out of the picture.
    Not to be too much of a downer, but with spiraling gasoline and world food prices, it sure seems like things could get ugly.

    Reply

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