It’s almost Thanksgiving! Time to celebrate! In my case, that means less writing and more charts.
So, briefly: the American Dream has not stalled. Individual Americans keep earning more, on average:
And Household income continues to rise, on average:
Education and training pays off eventually, usually by early middle age:
So why are Americans so gloomy? Because we’re having a hard time paying our bills, much less saving for the future, thanks in large part to inflation. Consumer confidence has yet to return to pre-covid levels:
Political narratives also play a role, namely the tendency to exaggerate current woes and future catastrophe - unless, of course, our side wins!
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Link:s
Median Personal Income in the United States, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MEPAINUSA646N
PINC-04. Educational Attainment--People 18 Years Old and Over by Total Money Earnings in 2024, Work Experience in 2024, Age, Race, Hispanic Origin, and Sex https://www.census.gov/data/tables/time-series/demo/income-poverty/cps-pinc/pinc-04.html
Real Median Household Income in the United States, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MEHOINUSA672N