Date: Nov 8, 2012 1:12 PM
Author: israeliteknight
Subject: Re: Speachless In New York (or, another OMG moment)

"But this slightly under $50,000 is median income - the mean household income is larger, since there are many very rich households, many of them fantastically rich. (More than 90% of all new income and wealth is now going to just the top 1%.)""

All of my more comprehensive replies to your point have been censored, so I guess I need to feed it to you in pieces in the hope that their mythical TOS is not violated.

"median income" includes both salaries and wages, PLUS social (or government) transfer payments. But all of these figures do not exclude the mythical "fantastically rich". Incomes have dropped drastically since the comprehensive 2000 Census Bureau survey at which time wages and salaries of 100.2 million full time workers (which INCLUDES government public servants) produced a mere $2,949 billion.

In constant 1984 dollars, the median weekly wage of 101.2 million American workers dropped from $340 in 2010 to $334 in 2011, which is now a total of $1,758 billion, which is wages and salaries per household of only $14,807

101.2 million workers x $334 per week per worker x 52 weeks = $1,758 billion.

$1,758 billion / 118.7 million households = $14,807 per household

This is ALL households, including the "fantastically rich".

$50,000 total income per household

- - $14,807 wages and salaries per household

= $35,193 social transfer payments per household

This is straight from the White House website.

Did Piers Morgan or Rachel Maddow ever mention to you that 70% of American household "income" is just social transfer payments (mostly from working White MEN to non-working Black women)?