NYTimes: Why the economy is NOT doing better for everyone

We’ve got a nice bubble going in the Valley, but it ain’t rosy everywhere. The NYTimes reports on census bureau stats:

  • Median income rose 1.1 percent in 2005, to $46,326, the first increase since it peaked in 1999. But the gain is likely from investment income and Social Security, not wages and salaries.
  • Median income for the under-65 group was $2,000 lower in 2005 than in 2001, when the last recession bottomed out.
  • The number of Americans living in poverty in 2005 –37 million — was the same as in 2004. The share of the population now in poverty — 12.6 percent –is higher than in the last recession, when it was 11.7 percent.
  • 46.6 million, or 15.9 percent of the population have NO medical insurance. That?s greater than in the recession year 2001.

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