Only 6% of Americans make over $100k?

[Inchworm]

Did I hear that correctly?

It was in the debate. It may have been an accident, but it sure seems low.

:shrug:

[RazBerryBeret]

1. I heard that too!!

I'm not sure I believe that....seems very low.

[Schema Thing]

8. Doesn't sound low at all to me...

that's in line with what I've always heard regarding wealth distribution in America.

[Inchworm]

9. Good- I'm not goin nuts

nt

[Warpy]

16. It sounds a little high for individuals

but a little low for family incomes.

Six figure salaries aren't all that common.

[AlCzervik]

2. are you sure they didn't say 6% controls 90 percent of the wealth in this country?

[Inchworm]

7. They were talking numbers

The question posed was mentioning a $250k salary.

He said pretty plain. Only 6% of americans make over 100k. It is sketchy now in mind since I'm still watching it.

[Indiana_Dem]

3. I'm a full-time RN, married and we only make 65K in a good year.

I would only dream of making that much!

[Inchworm]

12. I make nowhere near that

and it is still a goal. Hec, now it seem that playing lottery may be a better plan :P

[mike_c]

20. university prof and biologist and I make about the same....

Just a little on the high side of your estimate. Still a long way from 100K. Nonetheless, I'm pretty fortunate.

[Indiana_Dem]

25. Oh yes, I agree I'm fortunate.

My husband is a high school janitor at 59 years old after losing one factory job of 23 years and one of 10 years both due to closings and moving overseas. 65K is good enough for us now except for financing our daughter's college education!!!!

[DadOf2LittleAngels]

73. Wow your hospital pays poorly

http://swz.salary.com/salarywizard/layouthtmls/swzl_compresult_national_HC07000001.html

given that the median RN salary in the US is close to 60K a year..

--

Two RN's in most of the nation working full time (as a household) would easily be making 100K

Also the average Police Officer makes 60 thousand in the US so then a Nurse / Police Office home would also be making over 100K (My sister is a nurse and her husband worksin law enforcementso I do see it)

[Indiana_Dem]

76. You're right. They do pay poorly. It's rural small town hospital.

Last week, they even fired long-time staff and cut some nurse's hours. Can you believe that in this day in the age of nursing shortages? I stay only because I don't want to drive out of town and my dh won't let us move.

[Mojambo]

4. RIP, American Middle Class. n/t

[merwin]

5. I used to.... now I make 1/3 of my former salary.

That's why the unemployment numbers are not as high as they should be. They don't take into account people who get laid off and get a job that pays a fraction of what they used to make.

[Inchworm]

15. Oh yea!

We all know those stats are a joke.

x(

[Lorien]

54. Hey, I'm in exactly the same boat!

Made 150k when Clinton was in office, but due to outsourcing, huge unemployment numbers in my field (I've gotten under bid a lot on contracts in the past seven years), and Americans with a very limited disposable income, I now make a little under 50K. Many, many of my former coworkers are in the same situation. Some are now making only 1/5th of what they were 1n 1998.

[Greyhound]

79. Here's another, I'm surviving on half of what I used to pay in income tax.

Thanks Bill, another vote you cost your wife, asshole.

[tekisui]

6. It's true.

At least I've heard it a lot before. Only 9% are above 100k is what I've heard.

[HughMoran]

13. 9% seems more realistic IMO

There is a big difference between 6% & 9%

[Inchworm]

17. Still shocking to me

I guess I'm a dreamer.

:)

[gristy]

10. In 1998 10% made more than 100K

See the first line in table 3 here: http://www.census.gov/prod/2000pubs/p60-204.pdf
My guess is that 10 years later the number is closer to 20%

[Inchworm]

18. Interesting

Thanks for the graph.

[revolve]

22. This is by household

Not individual

[Inchworm]

24. You are right

hmm..

[bunkerbuster1]

82. Frequent shell game played by rethugs

They'll try to have you believe that household income has done ok over the years.

They neglect to mention that two-income households are more the norm than back in the 50s and 60s.

[PDJane]

27. The income isn't improving.....

it's not keeping pace with inflation.

That's the major problem....people are not earning what they are used to earning, and the current crisis is eating into retirement money.

[papau]

29. I agree - If it was ownership of the wealth they might be closer to being correct

[Kip Humphrey]

67. For what its worth: in 1998, $100K bought $109K euros. Today, $100K buys 63K euros.

[renate]

78. OMG

:wow:

I don't have anything more to say than :wow: because I am completely speechless. Except I guess that I'm amazed our economy isn't more F'ed U than it is, with those numbers.

:wow:

[unpossibles]

68. I'm not sure I share your optimism about the Bush administration

rising all boats, so to speak. In fact, it would not surprise me if that number went down from 10 years ago.

[unpossibles]

11. according to the census for 2005

the top 20% is $92K and up, and the top 5% is $167K and up, so it's in the right range even if off a little. I would guess it's probably closer to 10-15% of Americans make over $100K

[Inchworm]

19. Sounds like it is true

nt

[kwassa]

28. 21.8% of families are over $100,000 in 2005

http://www.census.gov/compendia/statab/cats/income_expenditures_poverty_wealth.html

673 - Money Income Of Families--Percent Distribution by Income Level, in Constant (2005) Dollars: 1980 to 2005

[Muttocracy]

14. Is this individual or by household? nt

[Inchworm]

21. "Americans" was the word

I'm thinking it HAS to be individuals.

[zeos3]

30. It says Family Income

What's the difference between Family Income and Household Income? How do they define these?

[Inchworm]

32. Good question

You read transcripts? I got the gist that he meant individuals.

[zeos3]

41. No, didn't read the transcripts

I went to the link from the previous post. They had a bunch of data but some of the terms were confusing. They only clarified what they meant by "race" and changing the rules to allow people to declare more then one race.

[zeos3]

43. Here we go

Income: Information on money income received in the calendar year 1989 was requested from persons 15 years old and over. "Total Income" is the algebraic sum of the eight types of income reported in the census: wage or salary; non-farm self-employment; farm self- employment; interest, dividend or net rental; Social Security;, public assistance; retirement or disability; and all other (see other side for detailed description of each income type).

Household Income: Includes the income of the householder and all other persons 15 years old and over in the household, whether related to the householder or not. Because many households consist of only one person, average household income is usually less than average family income.

Family Income: The incomes of all family members 15 years old and over in the household are summed and treated as a single amount. Median Income: The median divides the income distribution into two equal parts, with the midpoint representing the point at which half the incomes fall above the median and the other half below the median. When calculating the median income of households and families, the distribution includes units with no income. The median for persons is based only on persons with income.

Mean Income: Mean household income is obtained by dividing total household income by the total number of households.

Per Capita Income: The mean income computed for every man, woman, and child in a particular group. Per capita income is derived by dividing the total income of a particular group by the total population in that group


Prepared by: Alaska Department of Labor, Research & Analysis Section, CGIN
These definitions are from the U.S. Census Bureau.

[DesertFlower]

23. i think it depends on where you live.

in new york or california it won't go very far.

[Kittycat]

26. Chicago as well.

I live in an xurb (suburb of a far west suburb, beyond the train lines), and read in our paper that in our county you have to make almost $18/hour JUST to afford a modest 2br apartment. And we're a rural county were "apartments" do not have amenities like other suburbs/towns nearby. That's really scary to consider.

[DesertFlower]

42. my niece and her husband live in

arlington, va. they both work in DC. they pay $2100 rent for an old apartment. she teaches and doesn't make much, but she signed a 2 year contract -- they're paying for her masters. they're saving for a house, but it won't be in that area. they're going back to SC where the price of housing is still reasonable.

[Beregond2]

31. Wow,

this board really makes me feel poor. I've never even made 20K in a year.

[Inchworm]

33. I have in spurts

But... I've always had 100k in the back of my head as a goal. Like I said upthread, I must be a dreamer.

:P

[Nikia]

34. I don't think that anyone around here makes $100,000+

Maybe doctors. Other than that, you probably could count the number of people on one hand in this town. The average home price is less than that though so I suppose that it is relative.

[Inchworm]

37. I'm starting to realize that now

I live in the boonies. I just assumed most "big city" professionals made more than they actually do.

I'll definatly be looking it all up over the next few days just to satisfy my curiosity.

:)

[CRF450]

77. Airline pilots/captains make those figures.

[varelse]

35. Household income, or individual income? (nt)

[Inchworm]

38. I assume he meant individual

I'll have to wait for the transcripts.

[El Pinko]

36. You must live in California or NY if you think it sounds low

In most of the US, hardly anyone makes over 100K.

In El Paso, where I'm from, the median income is barely $20k. A person making $100k here would be very well-off.

Even a combined household income of $100k would probably put you in the top5% here.

[Inchworm]

39. 100k+ here would be well off too

I just assumed that professionals in the cities throughout the country made more I guess.

:shrug:

[El Pinko]

40. I see. I suppose that might be the case, but many more people live...

...in exurbs and smaller cities than live in places like NY and SF, and even in those places, I would imagine no more than 1/3 of the population makes a 6 figure salary - and I'll bet another third are shockingly poor considering the cost of living in those places.

[Withywindle]

44. I believe it.

I'm pretty social, I know a lot of people.

And I don't think I personally know ANYONE who makes that. Not even my boss-boss. Shit, if I ever met someone who makes that, it was by accident.

[Inchworm]

47. I don't any longer

But I basically gave up on the fun life 8-10 years ago :)

[Orangepeel]

45. Here's a table that says $103,912 put one in the top 10% in 2005

FWIW

Table 7. Dollar Cut-Off, 1980-2005 (Minimum AGI for tax return to fall into various percentiles)

2005
Top 1% $364,657
Top 5% $145,283
Top 10% $103,912
Top 25% $62,068
Top 50% $30,881

Source: Internal Revenue Service

http://www.taxfoundation.org/news/show/250.html

[Inchworm]

46. I love you!

That is very clear.

I'll still be reading on the subject :)

:applause:

[RollergirlVT]

48. and more than 15%.....

of the population has no health insurance. I wish he had mentioned that tidbit to add some perspective to his answer.

[Inchworm]

49. I'm sure that number is way more

but again.. I may be ignorant.

:shrug:

[RollergirlVT]

50. it is more

but not way more. The current population is roughly 303,000,000+ and about 50,000,000 lack health insurance. So 16.5%. Scary isn't it?

[mondo joe]

51. That doesn't count the underinsured, who are in an almost worse predicament.

Having insurance makes you ineligible for some opportunities, but if your insurance is less than usable you get nothing.

[Inchworm]

52. very

scary

:scared:

[DireStrike]

53. It sounds high to me.

Do you know anyone who makes over 100k? I sure don't.

[Inchworm]

56. That's the thing

I think I have.. but never really asked. I was part of it for a while as a "servant" hehe.

[mondo joe]

59. Depends where you live. In Seattle I know a few people who earn more than that,

but in terms of households I know rather more.

[lumberjack_jeff]

55. Yes. Exactly. Hello??

The idea that $100k+/year is middle class is a snow job.

[Inchworm]

Thank you very much

where does this notion come from?

:shrug:

[lumberjack_jeff]

70. It comes from the same psychology that causes people to consider $500,000 homes

normal.

A starter home that is 10x the median annual wage is a new invention.

http://www.youtube.com/watch?v=akVL7QY0S8A

People are used to the idea that making more money is what is required to solve money problems. This is not necessarily the case.

[lukasahero]

75. Depending on where you live, it can be. eom

[alittlelark]

57. Here in SiliconValley you cannot afford a decent house w/ less than that.

:shrug:

[Inchworm]

58. or Miami Beach

all relative...

:shrug:

[stillcool]

60. I wish.

[Inchworm]

61. You wish?

[stillcool]

62. yeah...I wish I made

100 grand.

[MarkInLA]

63. Here's the info we're looking for!

The percentage of Americans who made over 100K in 2006 was actually 8.5%.

This table shows individual earnings for 2006:

http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=01000US&-qr_name=ACS_2006_EST_G00_S2001&-ds_name=ACS_2006_EST_G00_&-_lang=en&-redoLog=false&-state=st&-format=&-CONTEXT=st

[taught_me_patience]

65. Wrong

You are showing 8.5% of WORKERS WITH EARNINGS. There are many americans who do not work. The actual number is 5% (see my post below).

[taught_me_patience]

64. Look it up on census

all you ever wanted to know.

http://pubdb3.census.gov/macro/032007/perinc/new01_001.htm


of 236 million people 15 and over, 12.3 million make over 100k/year. That equates to 5.2%.

[unpossibles]

69. thank you!

I think I know... maybe one person who claims to make that much, and a couple of people who made close to it. The one who claims it is a republican (of course) and considers himself to be in the filthy rich elite, which I always give him shit for. The thing is, he lies about all sorts of things, so .... let's just say I am as skeptical about it as I am of his glorious, yet never given with specifics, military career.

[MarkInLA]

71. Good work!

I tried to get the information using their American Fact Finder service/database, but couldn't find it. The earnings data was the closest I could find.

[taught_me_patience]

72. I actually think the Fact Finder Stat should be used

because it measures income against the total working population (not total population). It just shows that there is a lot of confusion out there when talking about income statistics. Census tables are a goldmine of information.

[MarkInLA]

80. ah, I see your point

I guess it sounds more "impressive" for a candidate to say that "only 5% of Americans make over 100K". While it is accurate, most people probably believe that means 5% of working adult Americans, not simply 5% of all adult Americans.

[Kitty Herder]

66. Why does that surprise you?

[devilgrrl]

74. and only 1% of that makes over $250,000

:popcorn:

[L0oniX]

81. And yet they claim that is middle class ...middle class my ass.

IMO middle class is a couple making 40k and no kids to 70k with 2 kids.

[limit18]

83. Wow

I'm in the poverty level then at $36,000 last year. And this is good wages for an uneducated country boy in a small town in Texas!

[L0oniX]

84. For one person that is very good money here in Florida.