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America Is Still Working

Star Parker on

The Census Bureau has just issued its latest annual report, "Income and Poverty in the United States: 2020," and American Enterprise Institute economist and blogger Mark Perry has extracted and summarized its highlights, as he does every year.

Perry's work is always illuminating because the data shows how much healthier the country is socially and economically than anyone would believe who listens to the naysayers on the left, who want to transform America into a giant, socialist welfare state.

Contrary to what we hear from Democrats and the left-leaning media, Americans continue to move up and earn more.

And those who don't fail to do so for reasons that are entirely in their control, as I will explain later.

In 2020, 33.6% of American households had income of $100,000 or more, 40.3% had income between $35,000 and $100,000, and 26.2% had income of less than $35,000.

In 1967, only 10.9% of American households had earnings of $100,000 or more (in constant, inflation-adjusted dollars). That is, from 1967 to 2020, the percentage of American households earning $100,000 or more has tripled!

 

Compared with 1967, the percentage of middle-income earning households -- $35,000 to $100,000 -- has shrunk, 53.9% in 1967 compared with 40.3% in 2020.

The percentage of middle-income households has shrunk because more households have moved into the upper-income category.

The percentage earning $35,000 has shrunk from 35.2% in 1967 to 26.2% in 2020.

Perry then drills down into the data and looks at household income and household demographics to see how they correlate.

...continued

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