United States reports rising income, falling poverty in 2016
- Author: Neal Todd Sep 14, 2017,
Sep 14, 2017, 2:12
A separate census release Tuesday showed that the percentage of California residents without health insurance dropped to 7.3 percent in 2016, down from 17.2 percent in 2013.
According to the report, the median household income in the U.S increased by more than 3 percent to $59,039 between 2015 and 2016.
Last year's rise was the second significant jump in a row, coming after years of slipping or stagnant incomes following the 2007-09 recession. But a full decade after the crisis began, median 2016 household incomes are above or approaching those in 2007.
YDSTIE: Right. The number of people living in poverty declined by 2 and a half million in 2016, and the poverty rate fell to 12.7 percent. But there were still 40.6 million poor people in the nation previous year. Income crashed in 2008 to a depression-low of $39,636 in 2012 once the federal government's real-estate bubble burst.
Those in the median and bottom 10th percentile of earners saw their real incomes grow 5.3 percent and 0.4 percent, respectively.
Among all racial groups, Asian households had the highest median income in 2016, at $81,431.
Some 8.8% of Americans lacked health-insurance coverage for all of a year ago, compared with 9.1% in 2015.
But even with that progress, Texas still has both the highest number of uninsured people in the nation - 4.5 million - and the highest percentage, 16.6 percent.
American household incomes rose strongly for the second straight year in 2016, as the long-running economic recovery generated broad gains in prosperity.
The chart only shows income, but not the quality of goods in the stores, such as Starbucks coffee, cheap products imported from China, high-tech music players, improved autos or better health-care. Since 1967, however, incomes for those in the top five percent nearly doubled, while the median income has risen by less than one third.
That happened even in states like in, where the unemployment rate and poverty fell, she said. Nationwide, the supplemental poverty rate decreased to 13.9 percent in 2016, from 14.5 percent in 2015.
There were 2.2 million more men and women working year-round and in full-time jobs past year than in 2015. "As more Americans find jobs, or move to full-time work from part-time work, households see their incomes rise". It's followed by the West ($64,375), then the Midwest at $58,305 and the South ($53,861). "For example, a white male aged 20 to 24 with at least some college, unmarried, has a 5-year risk of poverty equal to 20.4 percent; a nonwhite male with the same characteristics has a 45.3 percent risk of encountering poverty within a 5-year period".
Meyer and Sullivan analyzed more than 50 years of data from the Bureau of Labor Statistics' Consumer Expenditure Survey for their report.