You're earning way less than your own FATHER did! MEN IN THEIR 30s actually EARN 12% LESS THAN THEIR FATHERS!
by MOLLY SELVIN, at the L.A TIMES - Jan 2006
American men in their 30s earn less than their fathers' generation did at the same age, potentially reversing longtime assumptions that each successive generation will be better off than their predecessors, according to a new study. Family incomes of thirty-something men have continued to rise in recent decades, but mostly because more of their wives are working, the study's authors said. Yet even with the addition of women's paychecks, the rate of family income growth has slowed. . .
In 2004, the median income for a man in his 30s was $35,010, 12% less than that of men in their 30s in 1974, (adjusted for inflation), according to the study, which was based on Census Bureau data. . . Researchers focused on that age group because income in one's 30s is a good predictor of lifetime income, according to the report.
Outsourcing and the demise (i.e. FLIGHT to third world) of higher-paying manufacturing jobs) have contributed to the stagnation in men's incomes, Morton said. The influx of well-educated women into the workforce since the 1970s may also have exerted downward pressure on men's wages, he said.
ANOTHER SERIOUS TREND! INCOME INEQUALITY in workers is GROWING
THE SKEWING of the salaries of the very rich and the very poor is sign that an economy has been comandeered by the lawyers of the very rich. The laws start to favor CEOs. The money flows to the HIGHER end of the pool table. The TRICKLE DOWN theory is a lie promulgated by the rich. Other lies that may be dunned into the starving? "You'll get yours in heaven." In most states, the gap between the highest-income families and poor and middle-income families grew significantly between the early 1980s and the early 2000s, according to a new study by the Center on Budget and Policy Priorities and the Economic Policy Institute. The incomes of the country's richest families have climbed substantially over the past two decades, while middle- and lower-income families have seen only modest increases. This trend is in marked contrast to the broadly shared increases in prosperity between World War II and the 1970s.
In 38 states, the incomes of the bottom fifth of families grew more slowly than the incomes of the top fifth of families between the early 1980s and the early 2000s. In these 38 states, the incomes of the richest grew by an average of $45,800 (62 percent), while the incomes of the poorest grew by only $3,000 (21 percent) In only one state Alaska did the incomes of the low-income families grow faster than the incomes of the top fifth.
In 39 states, the incomes of the middle fifth of families grew more slowly than the incomes of the top fifth of families between the early 1980s and the early 2000s. In no state did the income gap (degree of income inequality) between middle- and high-income families narrow during this period.
Within the top fifth of families, the wealthiest families enjoyed the highest income growth over the past two decades. In the 11 states that are large enough to permit this calculation, the incomes of the top 5 percent of families rose between 66 percent and 132 percent during this period. This is faster than the income growth among the top fifth of families as a whole in these states and much faster than the income growth among the bottom fifth of families in these states, which ranged from 11 percent to 24 percent.
The five states with the largest income gap between the top and bottom fifths of families are New York, Texas, Tennessee, Arizona, and Florida. Generally, income gaps are larger in the Southeast and Southwest and smaller in the Midwest, Great Plains, and Mountain states. Income gaps tend to be larger in states where incomes in the bottom fifth are below the national average, and to be smaller in states where incomes in the bottom fifth are above the national average. The five states with the largest income gaps between the top and middle fifths of families are Texas, Kentucky, Florida, Arizona, and Tennessee, (meaning the poor there are sub sub pov level!)