The Census Bureau just released its latest annual report, “Income and Poverty in the United States: 2020,” and American Enterprise Institute economist and blogger Mark Perry has extracted and summarized the highlights, as he said. does it every year.
Perry’s work is always enlightening because the data shows just how healthier the country is socially and economically than anyone would believe when listening to left-wing opponents, who want to turn America into a giant, socialist welfare state.
Contrary to what we hear from Democrats and the left-wing media, Americans continue to move forward and earn more.
And those who do not fail to do so for reasons which are entirely in their control, as I will explain later.
In 2020, 33.6% of US households had an income of $ 100,000 or more, 40.3% had an income between $ 35,000 and $ 100,000, and 26.2% had an income below $ 35,000.
In 1967, only 10.9% of American households had incomes of $ 100,000 or more (in constant inflation-adjusted dollars). That is, from 1967 to 2020, the percentage of American households earning $ 100,000 or more tripled!
Compared to 1967, the percentage of middle-income households – $ 35,000 to $ 100,000 – has declined, from 53.9% in 1967 to 40.3% in 2020.