U.S. Census Bureau Shows Income Increase As Poverty Falls

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After years of recession, the United States economy showed an increase in the median income for the year 2015, according to the Census Bureau statistics released on Tuesday.

The median household income went up by 5.2 percent last year to reach nearly $56,500, which is the highest it’s been since 2007, and the biggest annual increase since 1968.

According to House Ways and Means Committee Chairman Kevin Brady, over 43 million Americans are still struggling with poverty, but that’s down 3.5 million people from last year. Unemployment has also dropped from the peak of 10 percent in October of 2009 to 4.9 percent last month. Average income for all ethnic groups increased, the report said, as well as a decrease in the number of children living in poverty.

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President Obama said at a rally for Democratic presidential candidate Hillary Clinton, ”For every family who hasn’t yet felt progress these past eight years, we’ve got more work to do — we know that. And the choice that you make, that we make, just eight weeks from today will determine the direction of this country for a long time.”

The Census Bureau reported that poverty rates reached 13.5 percent for last year, after decreasing by 1.2 percent. That is the largest annual percentage point drop since 1968 with 3.5 million people who are no longer in poverty. Another encouraging statistic shows that nearly 91 percent of Americans are covered by health insurance, which is higher than in previous years.

Last year, Obama passed an overtime protection law, which increased the income of millions of hard-working Americans. Elise Gould, a senior economist at the Economic Policy Institute in Washington is quoted as saying, “Economic recovery finally started arriving for tens of millions of American families over the past year. We should make sure the economy is nurtured going forward, and not subverted by bad policy decisions.”

 

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About the author: Evan Vitkovski

 

An American writer, filmmaker, journalist, and blogger living in Taipei, Taiwan. So many stories to tell, so little time.

 

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