US Household Incomes Rose in 2016 to New Record

by Abel Hampton September 15, 2017, 0:24
US Household Incomes Rose in 2016 to New Record

The Census Bureau also released its Supplemental Poverty Measure, which takes into account government assistance and certain expenses not factored into the official poverty rate.

Syracuse stood out for the wrong reasons.

Other data in the report shows that the nation's poverty rates have barely budged since the 1960s, although many people in the United States are wealthier than many people n Europe.

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In 2016, the average annual household income was $59,039 - an increase of 3.2 percent over 2015's, which was $57,230.

The Census Bureau data paint a picture of widespread improvement in the final years of the Obama administration.

The poverty rate fell for the second straight year.

The new official poverty rate in the country is 12.7 percent.

Buffalo's declined from 33 percent to 30.5 percent, ranking 23 in the nation.

After years of post-recession recovery and slow economic gains, middle class incomes peaked in 2016 according to a recent census.

At the same time, the number of American households that made less than $15,000 a year dipped to 11.2 percent, the lowest percentage since 2007. That still translated to a few thousand fewer Texans classified as poor in 2016.

"Upstate New York is definitely the hot spot for this trend", said Tom Hirschl, co-author of the 2014 book, "Chasing the American Dream: Understanding What Shapes Our Fortunes".

"We have a long way to go", Duggan said. The average income in that group was more than $375,000, up more than 5.5% from 2015. "But the economy is just not delivering with large segments of people who are out of the labor force".

Elise Gould, senior economist at the Economic Policy Institute, said there were many positive aspects to the report but "we should not be popping the champagne corks". "It's working, but we need to let people know it's available". In all, the Census Bureau said, there were 40.6 million people living in poverty past year - 2.5 million fewer than in 2015. Peaceful global trade has allowed men to sell more products overseas but also allowed employers to hire foreign workers instead of Americans.

Poverty in the state also seemed to be falling. Incomes rose a bit for non-Hispanic white ($65,041), Hispanic ($47,675), and black families ($39,490), but were lower than their Asian neighbors.

Tuesday's report that median household income (adjusted for inflation) made a healthy climb past year, surpassing its 1999 peak, doesn't come as a surprise.

Income levels still haven't returned to the levels seen before the financial crisis.

The Atlantic provinces and Quebec had the lowest median incomes in the country in 2015, just as in 2005, although there were wide variations in Quebec.

Residents of core cities saw incomes rise by 5.4 percent, while incomes of people who live outside of metropolitan areas stagnated.

"Tuesday's Census report comes as the president and congressional Republicans are advancing a cruel policy agenda that would decimate key anti-poverty programs, like federal food assistance and refundable tax credits", Bouman says.

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