The Bureau of Labor Statistics has updated figures for households and individual incomes. News is removable:
True median household income in 2024 was a record $83,730, reversing the downward trend that began in 2020 in the pandemic. Individual Incoms in Real Media reached a new high in 2024 at $45,140.[1] Both of these figures continue on the general upward trend that has been ongoing since the ’80s.[2] What’s interesting is that, contrary to the story unravelled by the left and the right of the Maga, America’s unrest is not stagnant. Since 1984, true median household income has increased by 38.6%, and since 1974, the median real individual has increased by 57.1%.
For actual income to generally increase, the economy must generally grow. Looking at the data, it occurs when stagnation is in a recession. It grows where we generally grow. SOM claims we have been in a recession since 2022, like Trump’s candidate Ej Antoni, who leads the BLS. The data does not support that content.[3]
In the short term, there are certainly concerns about the US economy. There are tariffs, weak employment, stubbornly high inflation, and increased economic isolation. But in the long run, the US economy still has its footing. To beat enlightenment, we must look at the data and seize our minds by the optimistic signal it sends.
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[1] “Real” means “inflation adjustment” and “median,” meaning that half of households exceed their value and fall below half. These results are not driven by inflation or profits only for very wealthy people.
[2] The median household income data dates back to 1984 and back to 1974. Considering that household income generally tracks income in India, household income may also have increased earlier than in 1984.
[3] The argument that the US has been in a recession since 2022 has both empirical and theoretical issues. See, for example, the first recession in the US since 2022. To the criticism of Antoni St. Onge by uw-madison economist Menzi Chin.
