White House: Americans Earning Less is 'Not an Interesting Story'

2005 Incomes, on Average, Still Below 2000 Peak
By DAVID CAY JOHNSTON
Published: August 21, 2007

Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows.

While incomes have been on the rise since 2002, the average income in 2005 was $55,238, still nearly 1 percent less than the $55,714 in 2000, after adjusting for inflation, analysis of new tax statistics show.

The combined income of all Americans in 2005 was slightly larger than it was in 2000, but because more people were dividing up the national income pie, the average remained smaller. Total adjusted gross income in 2005 was $7.43 trillion, up 3.1 percent from 2000 and 5.8 percent from 2004.

Total income listed on tax returns grew every year after World War II, with a single one-year exception, until 2001, making the five-year period of lower average incomes and four years of lower total incomes a new experience for the majority of Americans born since 1945.

http://www.nytimes.com/2007/08/21/business/21tax.html?ref=us




So how does the White House defend its fiscal performance? Shame? Disgrace? Anger?



http://www.dailykos.com/storyonly/2007/8/21/115652/929

"Sit down, shut up and give me your money! There, that was easy, wasn't it?"

Time grows short to institute a dictatorship, before the unwashed masses catch onto their plans for us.

in this country has been made to suffer.

people were NOT (all) stupid for getting into ARM's back in the early '02's. They figured (and historical data at the time would support them) that by now they would be making more $ with regular pay increases, bonuses, etc...

now they are actually making LESS and that is one of the major factors for the home forclosures.

The plan is to have three classes: The Working Poor, The Poor, & The Rich.

:evilgrin:

And they also saw housing going up up up and out of sight and were trying to do anything they could to lock in a monthly payment because they knew their incomes weren't going up at the same rate as housing.

:eyes:

... People were anticipating this the WHOLE FUCKING WAY.

Am I talking about the Iraq war, or the ARMs? Yes.

I have worked in that industry (up until recently for the last 6 years in IT support).

Just another armchair internet 'rebel' spouting opinions (uninformed at that).

par for the course

or did you just start? :shrug:

:rofl:

what about my post is wrong?

were you around when this was the conventional thought process or did you get in after the fact?

... It's not surprising, given your previous adherence to the "nobody could have anticipated" bullshit.

Life on the armchair must be great.

as expected

... Oh wait - I'm on candid camera aren't I??

:rofl:

Ya got me!

Is it up to him what is a story? I'll read the article and hopefully find out who asked. I'm thinking they believe it is an interesting story...

Howard Hughes had an interesting exchange with Kate Hepburn's relatives. They said they didn't care about money. He said that's because they'd always had it. Same thing with the * regime. They have no idea what it is to actually work for a living.

"Nearly half of Americans reported incomes of less than $30,000, and two-thirds make less than $50,000.

The number of taxpayers making more than $100,000 grew by nearly 3.4 million and accounted for more than two-thirds of the growth in the number of returns filed in 2005 compared with those in 2000."

I was wondering what they were trying to pull with that number, people don't make that kind of money in this country.

they're doing better than some.

It's frustrating for the older generations to see this, too. You want the kids to do better. Good old BushCo, though, they don't give a shit.

Too bad nobody will care that they've basically just come out and said a big "Fuck you" to everyone but the hyperwealthy.

....but Stupid!

:eyes: The basic math illiteracy of most people appalls me. Not ONLY has the 'average' fallen but the distribution has become more inequitable - with the greatest declines in income going to the bottom 90%.

Your future is secure. Like every other Bushbot, there will one day come a bus you must throw yourself under for the good of your masters. And you will do it, for you have pledged to serve at the pleasure of a madman, and a madman cares not who falls so that he may stand.


Fall.

You just have to wonder when the pitchforks and scythes are gonna come out. This lack of interest really isn't too much of a shock I'd say.



Laura