Foo - Question about economics.
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09-07-06, 07:21 AM
Where can I find the inflation-adjusted (consistently I hope) average income of some percentage of the US population over the last half century? Like the average inflation-adjusted income of the poorest 80%?
09-07-06, 07:46 AM
It will probably be found under the "There are lies, There are damned lies and then there are statistics."
09-07-06, 08:05 AM
Try looking up census records.
09-07-06, 08:39 AM
Try this website: www.rfe.org (resources for economists) The book 'Economics' by Samuelson ans Nordhaus comes with a graph with the evolution of income in the US but only for minimum wage workers. For average income, try another source, maybe the US Central bank data.
09-07-06, 08:47 AM
Awesome, found what I wanted in black and white, thanks USAZorro & Ricardo! Evidently, the average income in the US has increased fairly linearly (http://www.census.gov/hhes/www/income/histinc/p01ar.html) over the past few decades, but the average income for the full time yearly worker (http://www.census.gov/hhes/www/income/histinc/p36ar.html) has pretty much stayed the same since the early 70's. God bless capitalism!
09-08-06, 09:38 AM
Whoops, that was the mean. Anyway, the census lists the sum of our per capita income as ~7 trillion, but the gdp is ~11 trillion, any idea where the difference comes from?
09-08-06, 09:57 AM
net taxes? ... i'm just shooting off here... lol
09-08-06, 09:59 AM
What? They're taxing nets these days? The bastards.
09-08-06, 10:21 AM
Ah, yup, the US government's revenue was ~2 trillion, although there's still quite a bit unaccounted for. Would this represent the efficiency of our economy? I suppose we could all tear down and rebuild our houses to drive up the GDP w/o doing anything useful...
09-08-06, 10:33 AM
no need for that i suppose, the war on terror in itself is generating quite a bit of GDP output..
09-08-06, 11:19 AM
Who says it's not a great idea to send our military in to police a destabilized region? I mean, we've quadrupled the price of a barrel of oil, talk about a cash cow. Not to mention defense contractors w/o accountability...
09-08-06, 12:12 PM
yeah, Halliburton made out like a bandit along with all the oil companies. There's also about $2bil the GAO says is unaccounted for as well. Don't you just love capitalism? I'm gonna start an oil business!
There's also a substantial amount probably well into the billions that doesnt show up, the underground economy :)
The information is in the Economic Report to the President, it's published each year, and al tables and charts are on this website http://www.gpoaccess.gov/eop/download.html
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