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Real median income also varied by age groups, with median income for household members aged 65 and over being hit the hardest — declining 2.6% between 2020 and 2021, according to the report.
The federal minimum has held at $7.25 an hour since 2009, but an increasing number of states are upping their base pay for workers.
If you make an average salary, it may seem difficult or impossible to maintain financial security when you’re facing stagnant wages and rising costs of living.. The Federal Reserve recently ...
Income inequality has fluctuated considerably since measurements began around 1915, declining between peaks in the 1920s and 2007 (CBO data [2]) or 2012 (Piketty, Saez, Zucman data [15]). Inequality steadily increased from around 1979 to 2007, with a small reduction through 2016, [2] [16] [17] followed by an increase from 2016 to 2018. [18]
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Income inequality and affordable housing affect every generation. Democratic stances on those issues and the GOP’s apathy helped Democrats outperform expectations in the last three cycles.
The other way in which income affects the middle class is through increases in income disparity. Findings on this issue show that the top 1% of wage earners continue to increase the share of income they bring home, [12] while the middle-class wage earner loses purchasing power as his or her wages fail to keep up with inflation and taxation ...