The Washington Post reports the middle class is in trouble, with median incomes peaking in most counties many years ago.
In Monroe County, the article’s interactive map shows income peaked in 1969, when the inflation-adjusted median household income was $71,214.
It used to be that when the U.S. economy grew, workers up and down the economic ladder saw their incomes increase, too. But over the past 25 years, the economy has grown 83 percent, after adjusting for inflation — and the typical family’s income hasn’t budged. In that time, corporate profits doubled as a share of the economy. Workers today produce nearly twice as many goods and services per hour on the job as they did in 1989, but as a group, they get less of the nation’s economic pie. In 81 percent of America’s counties, the median income is lower today than it was 15 years ago.
In this new reality, a smaller share of Americans enjoy the fruits of an expanding economy. This isn’t a fluke of the past few years — it’s woven into the very structure of the economy. And even though Republicans and Democrats keep promising to help the middle class reclaim the prosperity it grew accustomed to after World War II, their prescriptions aren’t working.
Do you think our best days are behind us?
Links of the Day:
– Why women don’t work: U.S. lag behind in family-friendly policies.
– There is not much evidence the state’s Regional Economic Development Council grants create a lot of jobs.
– Like Rochester, Buffalo’s housing authority is also in turmoil and there are calls for the mayor to fix things.
– A Hobart College student, who was expelled, was acquitted on sexual assault charges.
– This is why state lawmakers might actually need a pay raise.
– Rochester is lagging behind on snow this season. Don’t worry, plenty of time to catch up.
– Why are the magazines at doctor offices always out of date?
Tweet of the Day:
— Matthew Daneman (@mdaneman) December 12, 2014