Median US Household Income Up for 2nd Straight Year – New York Times

The gains in 2016 pushed median household income to the highest level on record, but officials cautioned that the figure was affected by a change in methodology in 2013, and that actual incomes probably had not exceeded the previous peak, in 1999.

The Economic Policy Institute, a liberal research organization based in Washington, estimated that without the change in methodology, median household income was still roughly 2.3 percent below the record high — and 1.6 percent below the level reached in 2007.

Moreover, the gains have accrued disproportionately to the most affluent Americans. The mean household income for the poorest fifth of households fell by $571 over the decade that ended last year, adjusting for inflation. The mean for the wealthiest fifth of households increased by $13,479, also adjusting for inflation.

Mr. Trump campaigned on a pledge to lift the nation’s fortunes and to repair what he described in his inaugural address as “this American carnage.” He has called for cuts to federal taxes and spending, broad reductions in regulation and limits on foreign trade.

He also promised to repeal and replace the Affordable Care Act of 2010.

The poverty rate fell for the second straight year. The Census Bureau reported that 12.7 percent of households lived in poverty in 2016, representing a total of 40.6 million people. That was down from 13.5 percent of households and 43.1 million people in 2015.

The data showed that the ranks of those with health insurance coverage continued to grow last year Only 8.8 percent of the population lacked insurance for the full year, down from 9.1 percent in 2015. Montana and Louisiana expanded their Medicaid programs in 2016, joining 29 other states in accepting increased federal financing under the Affordable Care Act. Private coverage also increased as companies hired more workers and offered better benefits.

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Median US Household Income Up for 2nd Straight Year – New York Times

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