Thursday, August 31, 2006

The Ups and Downs of Household Income

As promised, here is a summary chart of the Census Bureau's report on median household income, adjusted for inflation, going back to 1992, the year Bill Clinton was elected president. Those who are convinced that Republicans do a better job of promoting economic growth will not find these numbers comforting.
Source: U.S. Census Bureau
The New York Times reports that the uptick in median income in 2005 was not due to higher wages:
The rise, however, had little to do with bigger paychecks — in fact, both men and women earned less in 2005 than 2004. Rather, census officials said, more family members were taking jobs to make ends meet, and some people made more money from investments and other sources beyond wages.