Americans are doing worse on average than their parents.
In fact, according to the National Bureau of Economic Research, the median lifetime income for American males has been declining since 1970. While median income for American females has been increasing during this period, with fewer women than men in the workforce, the growth hasn’t been enough to offset the decline among males. The net result is negative.
Even these figures are optimistic. They are adjusted by a CPI that arguably understates increases in housing, education and medical costs.
The trends explain
- Why two incomes are now required to do what a single income used to accomplish,
- Why quality and affordable daycare is an issue for so many families, and
- Why the buying power of the American Middle Class has evaporated.
So if you think things have been getting worse in the US for the average American, you’re right.