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by MSFT_Edging
794 days ago
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While I wont argue pointlessly, I am curious what the median values look like for these stats. In the US, averaging falls short due to said inequality. A smaller group of people have vastly increased wealth, while others stay stagnant. This moves the needle for certain statistics that don't give a full view of the issue. Its easy to say "hey the average is fine" when you're talking about NYC where stock brokers and high end real estate really drags up that average. From the 2020 census, the average income was 107k, where the median income was 67k. |
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It increased from 25%->27% from 2001-2024 [a].
Far from a catastrophe, though there is an upward trend since 1999 [b].
There are spikes upwards and downwards, and I'd guess the upward spikes make much better clickbait.
[a] https://cre.moodysanalytics.com//app/uploads/2024/02/image-1... , from [4]
[b] https://www.moodys.com/web/en/us/about/insights/data-stories...
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Yeah, I couldn't find localize median wages, so I thought minimum wage would be a decent lower-bound.
Nationally, the easiest numbers to find are Wolfram Alpha's [1]:
Median wage (2001-2020): $27060 -> $46310 (2.9%/yr)
Mean wage (2001-2020): $34020 -> $61900 (3.2%/yr)
Bottom 10% wage (2001-2020): -> $18140 -> $27340 (2.2%/yr)
Mean->Median gap isn't too large, but the bottom 10% is pretty bad.
I think there was a temporary spike in rent burden [2] [3] which quickly reversed [4].
[1] eg: https://www.wolframalpha.com/input?i=median+US+wage+2022
[2] https://www.moodysanalytics.com/about-us/press-releases/2023...
[3] https://fred.stlouisfed.org/series/DP04ACS006037
[4] https://cre.moodysanalytics.com/insights/market-insights/q4-...