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American wages dwindle to 1997 levels as recovery fails to lift middle class American wages remain at 1997 levels as recovery fails to lift middle class
(34 minutes later)
On average Americans are still earning the same wages they were in 1997 and 46.7 million are still living in poverty, seven years after the 2008 crash, according to the US census bureau.On average Americans are still earning the same wages they were in 1997 and 46.7 million are still living in poverty, seven years after the 2008 crash, according to the US census bureau.
The US economy has been on the road to recovery over the past couple of years, with the unemployment rate dropping to the lowest levels in seven and half years, and some economists say it has improved to the point where it would make sense for the Federal Reserve to increase interest rates.The US economy has been on the road to recovery over the past couple of years, with the unemployment rate dropping to the lowest levels in seven and half years, and some economists say it has improved to the point where it would make sense for the Federal Reserve to increase interest rates.
Yet the data released by the US census bureau on Wednesday show that average Americans have yet to feel the full impact of the recovery. The main reason is persistently low wages. Yet the data released by the US census bureau on Wednesday shows that average Americans have yet to feel the full impact of the recovery. The main reason is persistently low wages.
“Wages are the unfinished business of this recovery,” Chris Lu, US deputy labor secretary, told the Guardian earlier this year.“Wages are the unfinished business of this recovery,” Chris Lu, US deputy labor secretary, told the Guardian earlier this year.
Despite the fact that 1.2 million more men and 1.6 million more women were working full time in 2014, the median household income was $53,700, an amount that, according to the census bureau, is “not statistically different” from the 2013 median household income of $51,939.Despite the fact that 1.2 million more men and 1.6 million more women were working full time in 2014, the median household income was $53,700, an amount that, according to the census bureau, is “not statistically different” from the 2013 median household income of $51,939.
Related: American paychecks fall to 1995 levels as poverty continues to sweep US, new census report showsRelated: American paychecks fall to 1995 levels as poverty continues to sweep US, new census report shows
The 2014 amount is 6.5% lower than it was in 2007 and 7.2% lower than it was in 1999, when household income peaked at $56,895.The 2014 amount is 6.5% lower than it was in 2007 and 7.2% lower than it was in 1999, when household income peaked at $56,895.
Currently Americans are earning as much as they were in 1997, when the median household income was $53,551.Currently Americans are earning as much as they were in 1997, when the median household income was $53,551.
The median income for black households in 2014 was much lower, at $35,400.The median income for black households in 2014 was much lower, at $35,400.
The poverty figures also proved troublesome.The poverty figures also proved troublesome.
In 2014 the number of Americans living below the poverty line – a $24,008 income for a family of two adults and two children – remained basically unchanged at 14.8%, up very slightly from 14.5% in 2013. When the poverty rate dropped from 15% to 14.5% in 2013, it was the first such drop since 2006.In 2014 the number of Americans living below the poverty line – a $24,008 income for a family of two adults and two children – remained basically unchanged at 14.8%, up very slightly from 14.5% in 2013. When the poverty rate dropped from 15% to 14.5% in 2013, it was the first such drop since 2006.
“All this data proves that all the economic happy talk in the media and among elites is way overblown, and there has been no meaningful economic recovery for the majority of Americans, whether they are struggling to stay in the middle class or have fallen into poverty,” said Joel Berg, executive director of the New York City Coalition Against Hunger.“All this data proves that all the economic happy talk in the media and among elites is way overblown, and there has been no meaningful economic recovery for the majority of Americans, whether they are struggling to stay in the middle class or have fallen into poverty,” said Joel Berg, executive director of the New York City Coalition Against Hunger.
“These new numbers are historically significantly, because this is one of the few times in modern American history that overall economic growth didn’t reduce poverty. The forces that are shrinking the middle class – low wages and the soaring costs of living – are the same ones keeping poverty at its highest level in decades.”“These new numbers are historically significantly, because this is one of the few times in modern American history that overall economic growth didn’t reduce poverty. The forces that are shrinking the middle class – low wages and the soaring costs of living – are the same ones keeping poverty at its highest level in decades.”
The census report also found that in 2014 women were still earning 79% of men’s wages. Median earnings for men were $50,400 a year, while women earned on average about $39,600. For every age group, starting at 18 years old, women are more likely to live in poverty than men.The census report also found that in 2014 women were still earning 79% of men’s wages. Median earnings for men were $50,400 a year, while women earned on average about $39,600. For every age group, starting at 18 years old, women are more likely to live in poverty than men.
For example, about 18.2% of women aged 25 to 34 years old live in poverty while just 11.3% of men do.For example, about 18.2% of women aged 25 to 34 years old live in poverty while just 11.3% of men do.