Contributed by: filbert Tuesday, August 26 2008 @ 12:19 PM CST
Average income fell sharply in 2001 and in 2002, when it dropped to $51,870, off nearly 10 percent from 2000, tax data show. The average grew slightly in 2003.
Average income grew significantly in 2004, rising $2,291, and again in 2005, when the average increased by $2,210. Income growth continued in 2006, but at a much slower pace, increasing by $1,369 over the 2005 average once inflation is taken into account.
Salaries and wages, by far the largest source of income, nearly returned to the 2000 average in 2006. However, among the highest-paid workers, both total and average wages fell, an indication of how the Internet bubble had concentrated gains among a relatively few workers.
And just today, I heard Obama say that average income was down $2000. I’m not sure where he’s getting his numbers, but the New York Times–a decidedly liberal news source, seems to disagree.