Young men earn much less now than in 1973
The median income of American men paints a gloomy picture.
This post comes from Krystal Steinmetz at partner site Money Talks News.
Men's median income is on the decline. It's depressing, but true.
Among all American men, ages 15 and older, median income peaked in 2000, at $37,791. After adjusting for inflation, men's median income fell 10 percent from 2000 to 2012, to $33,904. (All figures are given in 2012 dollars.)
While a 10 percent drop in income sounds terrible, it gets worse when you break it down by age groups, Russell said.
Check out these sad statistics for the percentage change in men's median income from the year it peaked to 2012 (adjusted for inflation):
- Ages 25-34. Down 27 percent. Peaked in 1973.
- Ages 35-44. Down 19 percent. Peaked in 1973.
- Ages 45-54. Down 17 percent. Peaked in 1999.
- Ages 55-64. Down 13 percent. Peaked in 2003.
The median income of men aged 25 to 34 has plunged since 1973, falling from $46,598 to $34,113 after adjusting for inflation -- a loss of $12,485. Men aged 35 to 44 have lost $10,345 since their peak. Men aged 45 to 54 have lost $9,762, and men aged 55 to 64 have lost $6,407.
Do these statistics surprise you?
More from Money Talks News
In '73 American BUILT THINGS. Now we are a finance/retail/service based economy which cannot survive. We didn't buy rocket engines from Russia and everything else from China. It was MADE IN THE USA and it made us prosperous. Now, we have been sold out by the corporate masters and their political law makers.
What they forget is since 2000 companies have merged so many times that competition has declined immensely. Without competition wages drop because there are fewer bidders for employees. Where's a Teddy Roosevelt type of person for president that would go trust busting when you need one?
Roosevelt knew that when wall street was acting this foolishly it would only lead to a revolution. With the leadership from both sides not doing anything to facilitate competition we will have that revolution he foresaw and both parties will be thrown out.
I said it once and I'll say it again. Call me what yyou want but I worked the industry and saw the change.. Back then, we went from fast food jobs that barely paid anything (gee sounds familiar) to construction. Even starting out you still made just a little better than what we got working fast food. However, you could get good money once you learn a trade, or ran equipment. I learned both and made great money. This was an important transistion as it really did give you a sense of pride in your work, and made us healthier to boot.. When I came out fo the Navy, I went back to running equipment again. But what I noticed in the early 80's in some of these jobs was a shift to illegal immigrants. It allowed some companies to hire them on a daily basis which they could get them for a fraction of the cost and paid no taxes (yeah I'll argue that one as correct even today).
Fast forward past all the amnesties and such, and now we have an industry that few people can make a living wage on. Sorry, but it has not changed. So when the Great Recession came about, America lost out by not having these shovel ready jobs available. You can rant on how lazy young people are. But if you have NOTHING for them to move up into like construction, then you will continue to have +20% unemployment for young people for years to come..
So I'll say it.. Deport anyone who should not be here. Allow these jobs to come back up to a living wage. Give these young men and women a chance to experience what construction is all about. Some will love it, other will move on..
Call me what you will, but these are the real world facts..
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