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Generic Confusion

When you leave, my blog just fades to grey
Nu ma nu ma iei, nu ma nu ma nu ma iei

News? Check. Politics? Check. Music? Check. Random thoughts about life? Check. Readership? Ummm.... let me get back to you on that. Updated when I feel like I have something to say, and remember to post it.

Thursday, March 02, 2006

Isn't this what you asked for?

After the booming 1990s when incomes and stock prices were soaring, this decade has been less of a thrill ride for most American families.

Average incomes after adjusting for inflation actually fell from 2001 to 2004, and the growth in net worth was the weakest in a decade, the Federal Reserve reported
Thursday. . . .

The median family income, the point where half the families made more and half made less, rose a tiny 1.6 percent to $43,200 in 2004 compared with 2001.

James Taranto of OpinionJournal.com points out the following:

But if the average income fell while the median income rose, that almost certainly means that incomes were falling at the top while rising at the bottom. If the opposite had happened, of course, the AP would doubtless have told an alarming story of increasing income inequality.

What's important to me is that individual families can continue to improve their family income. The average or median salary from time to time doesn't interest me as much as knowing the economy will still allow those in the bottom income quintile to regularly climb into the highest quintile, given the passage of a decade or two.


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