WEB Notes: Other media outlets stated middle class income rose to $61,000 for the first time. Some of them like to leave out the details as we will learn in this news piece. By the way, $61,000 is not a lot of money to be classified as “middle class.” If you have a family of five living on $61,000 pre-tax leaves you basically just getting by.
Women weren’t so lucky either. But who got the spoils?
On the surface, the annual household income data released by the Census Bureau today, looks mediocre. But beneath the surface, it looks grim – grim for whom? Ha, we’ll get to that.
So the mediocre news right up front:
Median household income in 2017, adjusted for inflation (via CPI), inched up a measly 1.8% to $61,372. “Household income” is the entire pre-tax “money income” of a household, including wages, interest, dividends, Social Security, Workers Comp, child support, and the like, but excluding capital gains. The mediocre news is that median household income has finally inched above where it had been 18 years ago, in 1999: