Census: Median income hit record high in 2019 before the pandemic

Median US household income was $68,700 in 2019, the highest since 1967, the first year records were kept, according to inflation-adjusted data released by the Census Bureau Tuesday

           

https://www.facebook.com/cnn/posts/10161291759971509

Problems with this number:
1. Median is not an average, its the middle number of the population surveyed. Which means an equal number above and below of those that took the survey. The only problem is everyone did not fill out the survey. A LOT of people did not fill out the survey. So the median is skewed.
2. More income does not equal more wealth. We are, in fact, less wealthy than our 60s counterparts. While they made less money, their money went further. Everything was much cheaper.
3. Americans have precious little in savings. The base savings everyone should have is 3 months of their income. That's about $17,000 for a person with the median income. Few have that.
4. Bank interest rates in the 60s were between 5-10% on a savings account. Some banks now charge you deposit your money and provide no interest, keeping all of their gains for themselves. Most poor do not have bank accounts.

The list goes on...this is not a win by any stretch of the imagination.


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