At Work

Cause and effect – does $400 in the bank mean you’re poor? Is it a symptom of inequality? No‼️

Between 2015 and 2016, US median household income rose 3.2% from $57,230 to $59,039, according to a new reportreleased by the U.S. Census Bureau on Tuesday. 

It’s now the highest income year on record, beating the previous high of $58,655 in 1999 (all numbers are adjusted for inflation). 

The US poverty rate simultaneously declined about 1% to 12.7%, returning to nearly the same level as in 2007, prior to the recession. In total, 2.5 million fewer people were in poverty in 2016 than in 2015.

Source: https://www.businessinsider.com/us-census-median-income-2017-9

Looks like good news, but then a politician can take one number and distort that using erroneous assumptions and ignoring the full story. 40% of Americans are not poor, the fact 40% of Americans have only $400 in the bank has nothing to do with inequality. It has to do with spending, but the political left just can’t seem to accept that.

Forty percent of Americans dont have $400, but …

If you divide the US population by total lottery income you get an average spend of $206.69 per capita, (or $325 per adult) but it varies by state with Massachusetts being the highest at $734.85 per capita.. https://www.marketwatch.com/story/the-states-where-people-spend-the-most-on-lotto-tickets-2017-07-24

About 50% of all adults play the lottery including 40% of those earning less than $36,000 per year. https://news.gallup.com/poll/193874/half-americans-play-state-lotteries.aspx

Nationwide, people who make less than $10,000 spend on average $597 on lottery tickets — about 6 percent of their income. That’s really hard to believe. https://www.vox.com/identities/2016/1/13/10763268/lottery-poor-prey

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