> In any case, their point still stands with the $29k figure.
Comparing comp for two people who are working really hard, doesn't really work when you're comparing to a median income that includes lots of people who don't work or don't really work.
Similarly, comparing median net income (which includes taxation) with a pre-tax windfall doesn't really make sense, either.
Further, we're not adjusting for time value of money...
And for every one making under 30k per year there is one making over 80k per year.
And, very interestingly and more nuanced, you can take into account how a person changes over time. For example, while I was a grad student, I worked full time and definitely fell under the poverty line. But would you really consider me a poor/destitute person?
About 60% of Americans break into the top 20% of household income at some point in their lives(>$110k/yr). In the same vein, almost 20% of Americans will earn less than the poverty rate at some point in their lives ($24k/yr).
Like I said, I think Americans have many problems, but if there is one thing we are good at it is income (and the consumption that comes with it).
Comparing comp for two people who are working really hard, doesn't really work when you're comparing to a median income that includes lots of people who don't work or don't really work.
Similarly, comparing median net income (which includes taxation) with a pre-tax windfall doesn't really make sense, either.
Further, we're not adjusting for time value of money...