I wanted to return to the recent
census report (
pdf) on 2005 incomes. It has been commented variously in many places, including of course on
Daily Kos, but I wanted to flag a few more items that could provide useful soundbites.
I'll just use two graphs from the report: one with evolution of median household income since 1967, and one with the evolution of male and female income since 1959 (and the ratio between the two).
First of all, a reminder that median income is the level of income such that exactly 50% have more, and 50% have less. It is usually lower than average income, and the difference between the two is bigger when inequality increases. So increasing average income (or GDP, which is an aggregate number and thus tells us only about averages) in the face of stagnating median income is a sure sign of increasing inequality rather than increasing prosperity.
(click on graphs to have a larger version)
Now for a few striking facts. All references to GWB can be considered to apply to his first term, as the most recent data is given as of mid-2005.
- Both Bush presidents have seen absolute declines in household median income - the only presidents in modern history for whom this is true;
- Both Bush presidents are the only presidents to have seen median incomes continue to decline after the recessions that took place under their watch.
- Bush II is the ONLY president to have seen an absolute decline in female median income during his mandate;
- 2005 marks a new first in that household median income have increased while BOTH male and female median incomes went down. That's family values for you: everybody is poorer, so you have to share your misery to get somewhere...
Maybe most striking of all is the fact that male median income is lower than it was in 1973, and has essentially stagnated for the past 30 years. Overall GDP growth has come from increasing female participation in the workforce, increasing female median incomes (even if there still is some wayto go to gender equality there), and increasing inequality.