median wage down to $26,364

[billwald]

while the number of people with income over a million rose by 18%

Median compensation last year was just 66 percent of the average income, compared with nearly 72 percent in 1980.


http://seattletimes.nwsource.com/html/nationworld/2016563678_apusincomegap.html

REAL TIME watching the evening business news, Donald Trump says we are now a poor country.

 

[sag38]

Where are the union wages when we need them?

 

[FR7 Baptist]

See how well capitalism works?

 

[mandym]

See how well capitalism works?

Yes it does. Anyone can excel should they choose to be innovative, take risks, and be very diligent. It is working just fine for those who are not brainwashed into class envy.

 

[Robert Snow]

Yes it does. Anyone can excel should they choose to be innovative, take risks, and be very diligent. It is working just fine for those who are not brainwashed into class envy.

You're very naive, aren't you?

 

[preachinjesus]

While the average U.S income last year was $39,959, the mean income - the figure where half earn more and half earn less - was much lower, $26,364. This disparity reflects the fact that "the distribution of workers by wage level is highly skewed," according to Social Security.

Median and mean are different statistical ways of finding the true average. I'd go with the mean income as opposed to median since the social security are also taking into account part-time and teenage hourly workers. That represents a large segment of the total sample.

I would like to see the data for mean full time worker, and household, income.

Besides, mean/median income for someone living in the "flyover" states and rural areas is always lower than major metro areas.

 

[Mexdeaf]

You're very naive, aren't you?

Foolish talk does not become you, sir.

 

[Crabtownboy]

You're very naive, aren't you?

My guess is he knows nothing of the Robber Baron days in US history, the "coal wars" in WV and how poor companies kept people in those unbridled days of Capitalism here.

I also figure he knows nothing of what is going on in the unbridled Capitalism in today's Chins and how many are kept in poverty and the health of many are ruined.

Those who do not know history are condemned to repeat the mistakes of history. George Santayana

 

[Robert Snow]

My guess is he knows nothing of the Robber Baron days in US history, the "coal wars" in WV and how poor companies kept people in those unbridled days of Capitalism here.

I also figure he knows nothing of what is going on in the unbridled Capitalism in today's Chins and how many are kept in poverty and the health of many are ruined.

Some people equate Capitalism with Christianity. It allows them to cloak their greed in religious garb.

 

[Mexdeaf]

Yes it does. Anyone can excel should they choose to be innovative, take risks, and be very diligent. It is working just fine for those who are not brainwashed into class envy.

You are correct and not naive at all.

How many of you are familiar with the "Mexican crab" story? It appears that the "American" crabs are getting just as bad and soon no lid will be needed for the bucket.

 

[Havensdad]

See how well capitalism works?

Actually capitalism works great. The current socialist system that we have, however, is horrible and has caused our economic woes.

 

[seekingthetruth]

For those of you that are against capitalism, just what economic system would you replace it with?

I would argue that our standard of living has increased much more than our cost of living. When I was a kid, we didn't have A/C in our house or our car. Our car had a standard transmission and vinyl floors, as did our house. We didn't have 3 or 4 tvs, we had one B&W one. We didn't have cell phones, computers or Ipods. We grew our own vegatables and raised our own hogs and calves because store bought food was too expensive.

Today, even families that recieve public entitlements have all of this and more.

$26,000/yr would be plenty for most families if we didn't require so much.

BTW, if it weren't for capitalism, none of us would have the technology to communicate in an internet forum. We'd still be riding horses and taking baths in a #2 washtub.

John

 

[Bro. Curtis]

Some folks equate socialism with Christianity, because it allows someone else do their giving.

 

[billwald]

I've been reading newspapers for 50 years an this is the first time I have seen a newspaper publish a graph of the history of average pay vs. median pay. I have seen it printed several times this month. Why now? Are the people who edit newspapers finally realizing that "middle class" now means "neo-serf?"

 

[Bro. Curtis]

If it was't for capitalism, we probably would not live past 50. Capitalism has cured more diseases, allowed more disaster aid, and spread the word of God around the globe better than any other system.

Those points cannot be argued.

 

[seekingthetruth]

Minimum wage?

It takes about an hour of working at minimum wage to buy a meal at McDonald's. About $7.50.

Many argue that the minimum should be at least doubled. If minimum was $15 then the meal at McDonald's would increase to $15. The more money people make, the more inflation we have, and we are still at the same standard of living we were at before the increase.

As for the notion that union wages would make us all more comfortable. Wrong again, and for the same reason. Give everyone union wages and inflation would skyrocket. Your $30/hr would buy the same amount of goods as your $12/hr buys now.

Raising wages only increases the poverty level. It doesn't help anyone in the long run.

John

 

[billwald]

Whathappens when the top 1% owns or controls 99% of everything worth earning? Why will they then need a middle class?

 

[FR7 Baptist]

For those of you that are against capitalism, just what economic system would you replace it with?

Social democracy.

 

[targus]

Social democracy.

Without capitalism who would invent all the little electronic devices that everyone loves so much?

And everything else for that matter?

 

[FR7 Baptist]

Without capitalism who would invent all the little electronic devices that everyone loves so much?

Apple.

And everything else for that matter?

Inventive and creative people.

Social democracy is all about rewarding people justly for their labor and mitigating the capitalist exploitation of workers.

We need to have a much more reasonable distribution of income and power in this country. That's why I promote things like credit unions over banks, mandating that corporations over a certain size have worker representation on their boards of directors, and a strong social safety net for only those truly unable to work or find work.

Capitalists seem to overestimate the motivational power of money. At lower levels money is a strong motivator but, once you get to a certain point, you get less gain from having more money. If you have economic policy that gives everyone a reasonable opportunity to live a solid, secure middle class life, you improve society. People will be more able to actualize their full potential because they will have material security.