Sociable

Wednesday, September 21, 2011

Middle class income fell 7% in the last 10 years

This is important since your income will determine how big of loan you can qualify.  In addition, food and energy prices have increased during this period. 

Last week, the government made gloomy headlines when it released the latest census report showing the poverty rate rose to a 17-year high. A whopping 46.2 million people (or 15.1% of the U.S. population) live in poverty and 49.9 million live without health insurance.
But the data also gave the first glimpse of what happened to middle-class incomes in the first decade of the millennium. While the earnings of middle-income Americans have barely budged since the mid 1970s, the new data showed that from 2000 to 2010, they actually regressed.

For American households in the middle of the pay scale, income fell to $49,445 last year, when adjusted for inflation, a level not seen since 1996.
And over the 10-year period, their income is down 7%.
Read it all

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