A Quote by Janet Yellen
The average net worth of the lower half of the distribution, representing 62 million households, was $11,000 in 2013. About one-fourth of these families reported zero wealth or negative net worth, and a significant fraction of those said they were "underwater" on their home mortgages, owing more than the value of the home. This $11,000 average is 50 percent lower than the average wealth of the lower half of families in 1989, adjusted for inflation.
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The distribution of wealth is even more unequal than that of income. ...The wealthiest 5% of American households held 54% of all wealth reported in the 1989 survey. Their share rose to 61% in 2010 and reached 63% in 2013. By contrast, the rest of those in the top half of the wealth distribution ?families that in 2013 had a net worth between $81,000 and $1.9 million ?held 43% of wealth in 1989 and only 36% in 2013.
The lower half of households by wealth held just 3% of wealth in 1989 and only 1% in 2013.
Gates's net wealth is greater than the combined net worth of the poorest 40% of Americans (112,000,000 people).
After adjusting for inflation, the average income of the top 5% of households grew by 38% from 1989 to 2013. ?By comparison, the average real income of the other 95% of households grew less than 10%.
After adjusting for inflation, the average income of the top 5% of households grew by 38% from 1989 to 2013. By comparison, the average real income of the other 95% of households grew less than 10%.
Barack Obama is talking about cutting taxes. On net, he is a tax cutter. But the difference between Obama and John McCain is that Obama is raising some taxes on families, for example, with incomes over $250,000. Now, that amounts to about 2 percent, the richest 2 percent of American households. And even with those tax changes, even with all of the tax changes Obama's talking about, taxes will be lower under Obama than they were under the Clinton years.
By 2015, the top 1 percent of families took home more than 20 percent of income. Wealth distribution was 10 times worse than that: the families in the top 1 percent owned as much as the families in the bottom 90 percent.
Because of lower life expectancy in Scotland - something that we are working hard to improve - the average woman will get £11,000 less in pension payments than counterparts in the rest of the U.K., even though she will pay exactly the same in contributions.
Between 2007 and 2010, the average white family experienced an 11% reduction in wealth, but the average black family lost 31% of its wealth. The average Hispanic family lost 44.7%.
Student debt in the US has exploded in the past decade. One of the reason is that the private costs of attending college have risen sharply, with public higher education funding having been cut sharply. Average public funding per student was 15 percent lower in 2015 than in 2008, and 20 percent lower than in 1990. The burden of the public funding cuts has been worsened by the stagnation of average family incomes. By 2014, this figure had nearly doubled, to 35 percent of median household income.
Fans of the 'Inbetweeners' like the show because it is about four normal people, average guys or lower than average losers.
In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $40 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.
Virtually all families in the middle of the earnings distribution aspire to send their children to a school of at least average quality. (We'd think ill of any parent whose aspirations were lower.) The rub is that the best schools tend to be located in more expensive neighborhoods.
Lower-income immigrant families might receive more in benefits than they pay in taxes. But that mathematical equilibrium is temporary, and an artifact of the way the tax-and-transfer system is structured to help lower-income families and to support families with kids.
The 55% of American households that make less than $40,000 will get a tax break of only $7 while the households that make more than $1 million will receive an average tax break of $32,000.
I think automation will eliminate certain types of jobs - lower income, lower-skilled jobs in manufacturing. But nobody knows whether it's going to change the job basket of the 21st century, or be net positive, or net negative.
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