Posted on 08/20/2007 7:55:04 PM PDT by BreezyDog
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. The combined income of all Americans in 2005 was slightly larger than it was in 2000, but because more people were dividing up the national income pie, the average remained smaller. Total adjusted gross income in 2005 was $7.43 trillion, up 3.1 percent from 2000 and 5.8 percent from 2004. Total income listed on tax returns grew every year after World War II, with a single one-year exception, until 2001, making the five-year period of lower average incomes and four years of lower total incomes a new experience for the majority of Americans born since 1945. The White House said the fact that average incomes were smaller five years after the Internet bubble burst “should not surprise anyone.” 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.”
(Excerpt) Read more at nytimes.com ...
I had in the last two years and this coming the best ever
so ha ha ha
>>The White House said the fact that average incomes were smaller five years after the Internet bubble burst “should not surprise anyone.” <<
What is the “Internet bubble”?
“2000-5”? Is this some sort of new date-fad?
Mr. mm’s income has gone up some every year, but not nearly as fast as gasoline, home heating oil, and taxes. I’m astounded at how our property and school taxes have gone up. No way we’re keeping up.
The lie is that they are using purchasing power as an accounting method to deduct from income. The fact that there has been an explosive in energy prices after decades of dormant increases has made it appear that we have less purchasing power.
The problem is that modern advances in technology, even over the past 6 years, cannot be quantified and used to offset increasing prices.
well for starters, it is a NYT’s story about the economy.
Secondly, the thrust of the article is that “lower taxes only benefit the welathy” is simply absurd.
Thirdly..food for though here:
http://www.heritage.org/Research/Taxes/wm586.cfm
The 90’s not only saw the “’Net Bubble” but also the first fruits of cough “frre trade” cough cough, when the greatest cost savings were realized by middle america, now middle america is facing the effects of cough cough “free trade” and instead of exporting goods we are importing them, costing Americans cush high paying jobs....
The trick is taking the US economy at a strong peak 2000. The Clinton recession and Clinton inspired 911 attacks trashed the US economy and put it in a trough from which President Bush has dramatically recovered from.
Tax cuts brought the economy back from a desperate low in 2002.
Comparing to 2002 rather than 2000 would yield the true picture of President Bush’s impressive economic record.
I hope that doesnt put a damper on your effort toward clarity.
Then it’s a global conspiracy to enslave all humans ... more money but higher prices .... phuque it ... i’m going out to the garden and eat wooley worms ... ate 3 yesterday.
COMPLETE BS! In 2000, I earned $53K, in 2007, I earn over $100K. That beats the inflation rate by far!!!!!!!!!!!!!! The 2001 & 2003 federal tax rate reduction for all WORKING Americans takes $3K - $4k less of your pay check!
So the SURGE is working and now the NYTs has to put out a BS piece! Poor babies!
I agree.
Why not some more attention to the negative effects of illegal immigration on working class American’s ability to earn a living wage as well as our politicians sending our jobs to places like Mexico and China and telling us it’s good for the economy?
Yea... the wife and I had a good few years too. Last year household was about a buck eighty. I still live paycheck to paycheck it seems. Oh well I’ll just make more.
Translation: You should have expected incomes to go down after we opened the borders and exported our manufacturing to China and outsourced our IT business to India, which we had to do to make our Wall Street friends and CEO buddies richer - er, "more competitive in the global marketplace".
You're not alone.
Exactly, what did the American middle class think would happen when they imported 25 million illegal low wage earners, that’ll work for 8 bucks an hour with a smile.
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