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Breaking The Stagnation: Household Income Growing

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A combination of forces fueled the gains, including an improving job market, low inflation and rising wages, particularly for low-earning workers who may have benefited from state and local initiatives to boost minimum wages.
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“Today’s report is another disappointing confirmation that too many Americans are still struggling to provide for their families and reach their full potential,” said Representative Kevin Brady of Texas, the chairman of the Ways and Means Committee. “The federal government invests billions of dollars each year in programs to help low-income Americans, but more than 43 million people continue to live in poverty.”
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It is hard to trust any numbers that the government is putting out right now. All I know is nothing has changed for majority of the people I know and see on a daily basis.
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That's some pretty good news. Let's hope whatever comes of the election that these gains aren't reversed.
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The economic recovery, however, remains incomplete. The median household income was still 1.6 percent lower than in 2007, adjusting for inflation. It also remained 2.4 percent lower than the peak reached during the boom of the late 1990s. The number of people living in poverty also remained elevated, although it shrank last year by about 3.5 million, or roughly 8 percent.
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The numbers from the government's annual report on income, poverty and health insurance, complicate the economic narrative underpinning the 2016 presidential election.
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My pockets feel the same I don't where they are getting these numbers from.
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Household income is measured in various ways. One key measure is the real median level, meaning half of households have income above that level and half below, adjusted for inflation. According to the Federal Reserve, this measure was $51,939 in 2013, below the 1999 peak of around $57,000.[1] The Census Bureau estimated real median household income at $53,657 for 2014 and $54,462 in 2015. Household income varies by race, with Asians the highest in 2014 at over $74,000 and African Americans the lowest around $35,000
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The distribution of U.S. household income has become more unequal since around 1980, with the income share received by the top 1% trending upward from around 10% or less over the 1953–1981 period to over 20% by 2007.
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The key driver of these income trends, besides lower employment and hours in the aftermath of the financial crisis, has been wage stagnation over the last dozen years.
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The income gains are an important turning point in the recovery from the 2008 recession, the deepest since the Great Depression. They show that recent economic gains are being distributed more broadly.
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