Hacker News new | ask | show | jobs
by thaumasiotes 3381 days ago
The claim I objected to is much more nonsensical based off of a median figure than it is when based off of a mean. You use median income if you want a sense of how much money a "typical person" earns as opposed to how much the entire population earns collectively. But neither median nor mean will tell you anything at all about the shape of the distribution.

And yes, as dragonwriter points out, your own link clearly shows that the mean US income for 2008 was just over $28K. (It also shows that the mean US income for 2008 was just under $27K; within-article consistency is not a big priority on Wikipedia...)
1 comments
ZoeZoeBee 3381 days ago
You're probably right that Ed was referring to the mean. However, Real Median Income was only $29k in 2008 https://fred.stlouisfed.org/series/MEPAINUSA672N

While Real Mean Income was $42k https://fred.stlouisfed.org/series/MAPAINUSA672N

link
thaumasiotes 3381 days ago
Do you happen to know why, according to that wikipedia page, "According to the U.S Census Bureau 'The per capita income for the overall population in 2008 was $26,964'", whereas according to the source of your charts (which suggest that citations should credit the Census Bureau!), it was $38,376? ( https://fred.stlouisfed.org/series/MAPAINUSA646N ). One of those is being seriously adjusted. I tend to suspect it's the Fed chart, which notes that its population base is those aged 15 years and over.

I'm still struggling to understand why you responded to my original comment in the first place. What point are you trying to make? The median income value tells you absolutely nothing about the relative numbers of people making incomes other than the median value.

link
ZoeZoeBee 3381 days ago
Can't speak for wikipedia or those who make the edits, frankly the only reason I responded to you is I know you're confused and so is dragonwriter.

Feel free to take a gander at the Census Bureaus reporting of Personal Income. Table 1 Page 7. https://www.census.gov/prod/2009pubs/p60-236.pdf

Do they use Median or Mean? $27,834

Edit Dragonwriter, You don't understand the difference between Mean and Median Income, hint its not what you think it is

link
dragonwriter 3381 days ago
The first part of Table 1, on page six, reports medians. The per capita section, which is at the top of page 7, reports means (though it retains the median heading, which is admittedly poor data presentation.)

You have to read the footnotes.

link