Americans' income barely inching up despite economic growth

[applegrove]

Americans' income barely inching up despite economic growth

BY AIMEE PICCHI at CBS News

SEPTEMBER 10, 2019

https://www.google.com/amp/s/www.cbsnews.com/amp/news/us-census-data-median-income-for-americans-was-flat-last-year-despite-economic-growth/

"SNIP......

Median U.S. household income stood at about $63,200 last year, statistically unchanged from 2017, according to new Census data. 

The data suggest that two decades of economic expansion has failed to translate into significant gains for the typical family, as median household income has increased just 2.7% since 1999. 

The percentage of Americans without health insurance rose last year, reflecting the first annual increase since 2009.

Americans' household income is barely rising despite ongoing economic growth and low unemployment, a sign the typical family is failing to see significant gains from what has been a record-long expansion. 



......SNIP"

[RDANGELO]

1. It has become clear that what has been regarded as conventional economic policy no longer works.

In the past, as unemployment lowers, wages go up. Globalism has turned human labor into a bottomless resource. That's why it is needed to be more aggressive with things like the minimum wage.

[applegrove]

2. Yes. Agree completely.

[Jspur]

4. Increasing minimum wage

will not be enough. The problem I have seen across the country is when wages increase it just leads to these landlords and real estate bastards to increase the rent and property values which leads to increased cost of living. This in return wipes out any gains made by the wage increase. There has to be laws that limit how much cost of living can go up compared to wage increases. Until you do that this will always be a problem.

[applegrove]

5. Well people can decide how much they want to spend on housing. At least

they'll have the option. They'll also have the option of things like living on their own. Or living with a rommate instead of with their parents. The market will only support what people are willing to pay. They can stay in their same place and save money for things like school or a down payment on a small house with their spouse. Housing costs vary. And remember Trump is evicting undocumented workers so it will be a renters market i bet. Baby boomers are retiring and moving south. Nobody wants Trump to get rid of millions of hardworking people in America but he has and will for another year. Surely you are not suggesting people continue to make $7.50 an hour just because of possible negative housing sideeffects?

[Jspur]

6. Like I said it won't

matter if they increase your rent by a margin that wipes out the gain you have received from the wage increase. The problem I have these days is with technology these real estate guys can find out about wage increases and immediately raise the cost of living. It happens all the time when big companies move into a small town you will see rents and property become not affordable.

[Joe941]

7. You described exactly why capitalism has failed us.

The government needs to limit the abuses that capitalism brings.

[applegrove]

8. Yes. Where the markets fail the government should step in.

[Joe941]

3. 63k in some places would be in poverty