Tuesday, October 26, 2004
Economy: Middle Class Losing Income
An issue brief from the Economic Policy Institute finds that:
¶ 1:15 AM
• Pre-tax incomes fell for middle-income families of every type between 2000 and 2003. Driven by a recession-induced fall-off in wage income, pre-tax incomes fell by $2,119, or 3.1%, for married-couple families with children; single mothers lost $686 in pre-tax income, or 3.0%; elderly couples lost $353, or 1.0%; and young singles lost $818, or 3.4%.
• After taking into account changes in both pre-tax income and taxes, the finding remains that most middle-income families lost ground between 2000 and 2003. Incomes declined slightly over this period (by 0.2%) for married couples with children and by 1.4% for elderly couples and young singles. Single-mother families saw after-tax income gains of 1.9% because of the greater refundability of child tax credits.
• Family spending on higher insurance co-pays, deductibles, and premiums has escalated in recent years. Middle-income families saw their incomes erode between 2000 and 2003, after changes in both taxes and health spending are taken into account. For married-couple families with children, health spending rose three times faster than income (not inflation-adjusted) between 2000 and 2003, absorbing half the growth of their income. The post-tax, post-health-spending income of married-couple families with children, for instance, fell $699, or 1.3%, between 2000 and 2003, while that of single-mother families fell $433, or 2.0%.
¶ 1:15 AM
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Since you point out that middle class incomes fell, I am certain that you know that you failed to point out that the BUSH TAX CUTS more than made up that loss.
So, do you support the tax cuts which offset the downward movement of middle class income or do you only use data which bashes the Bush administration?
So, do you support the tax cuts which offset the downward movement of middle class income or do you only use data which bashes the Bush administration?
and lets see,... what happened between 2000 and 2002 that could have affected the economy negatively?
Oh yeah, the stock market was closed for over a week and the entire airline industry closed for over a month in 2001 while America was in shock and recovering from a few planes flying into buildings and killing 3,000 innocent people.
That might have had some small impact on the economy, don't ya think?
since that time we have experienced the fastest growing economy of all time. In 2005, the US economy grew by an amount of more than CHina's entire economy.
You also failed to mention that there have been MORE NEW millionaires over the past 5 years each year than ever before in history... where do you think they came from? (hint: the middle and lower income classes)
just a little balance thats all.
you're welcome.
-red
Oh yeah, the stock market was closed for over a week and the entire airline industry closed for over a month in 2001 while America was in shock and recovering from a few planes flying into buildings and killing 3,000 innocent people.
That might have had some small impact on the economy, don't ya think?
since that time we have experienced the fastest growing economy of all time. In 2005, the US economy grew by an amount of more than CHina's entire economy.
You also failed to mention that there have been MORE NEW millionaires over the past 5 years each year than ever before in history... where do you think they came from? (hint: the middle and lower income classes)
just a little balance thats all.
you're welcome.
-red
Well I agree but I think the brief should acquire more info then it has.
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