Census Bureau took the pulse of the workforce market, and the results are spectacular. It turns out that 2016 recorded the highest paid middle-class incomes among Americans. This report officially declares poverty as weak while the side effects of the Great Recession almost entirely vanished.
American Middle-Class Incomes Enjoyed Surprising Boosts before Trump Taking His Presidential Seat
On Tuesday, the Census Bureau claimed that the income for median household increased to $59,039 last year. The improvement represents a 3.2% boost from the situation in 2015. On top of that, 2016 was described as the second consecutive year of steady gains. At the same time, the poverty status at the level of the country fell to 12.7%. This means that the poverty rate returned to what it used to be before the past decade’s Great Recession hit workers.
Census Bureau’s findings were backed up by another report that revealed that in 2016 only a few Americans remained without any access to health insurance. All these considered, Americans managed to unlock a new period of economic prosperity even before Donald Trump occupied the presidential seat this year.
The Census Report Intercepted More Accentuated Signs of Inequality
On the other hand, the new census report uncovered a concerning evolution of inequality. The top fifth of earners is entitled to more than half of all national income which is a record in itself. On top of that, racial disparities are more accentuated than ever. African American median household earns $39,490. By comparison, whites make at least $65,000 while Asians score $81,000.
Experts don’t have a clear image yet on how this segment is going to evolve. Middle-class incomes grew thanks to millions of Americans filling for full-time jobs since 2014. On the other hand, there are few signs that employers have any intentions to award their employees any raises.
Some experts claim that 2016 might be the climax of national prosperity. After 16 years of continuous growth, the evolution might have reached its peak and go backward from here on. However, others have high hopes that this thriving stage will continue to develop.
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