40% percent of U.S. make less than $20,000. The fed government considers a family of 4 making less than $24,250 to be impoverished.
Fifty-one percent of working Americans make less than $30,000 a year, new data from the Social Security Administration (SSA) shows.
That’s $2,500 a month before taxes and just over the federal poverty level for a family of five. The new numbers come from the National Wage Index, which SSA updates each year based on reported wages subject to the federal income tax.
In 2014, half of working Americans reported an income at or below $28,851 (the median wage), and 51 percent reported an income of less than $30,000. Forty percent are making less than $20,000. The federal government considers a family of four living on an income of less than $24,250 to be impoverished.
A chart below from SSA shows that the difference between the median wage and the average wage continues to widen, signaling a declining middle class. These numbers are not adjusted for inflation.
IS THIS THE HOPE, OR THE CHANGE? Goodbye Middle Class: 51 Percent Of All American Workers Make Less Than 30,000 Dollars A Year.
We just got more evidence that the middle class in America is dying. According to brand new numbers that were just released by the Social Security Administration, 51 percent of all workers in the United States make less than $30,000 a year. Let that number sink in for a moment. You can’t support a middle class family in America today on just $2,500 a month – especially after taxes are taken out. And yet more than half of all workers in this country make less than that each month. In order to have a thriving middle class, you have got to have an economy that produces lots of middle class jobs, and that simply is not happening in America today.
You can find the report that the Social Security Administration just released right here. The following are some of the numbers that really stood out for me…
-38 percent of all American workers made less than $20,000 last year.
-51 percent of all American workers made less than $30,000 last year.
-62 percent of all American workers made less than $40,000 last year.
-71 percent of all American workers made less than $50,000 last year.
That first number is truly staggering. The federal poverty level for a family of five is $28,410, and yet almost 40 percent of all American workers do not even bring in $20,000 a year.
But don’t worry, we’re bringing in lots of immigrants who’ll be happy to work for less than even that.
Hey, it means cheap gardeners and car washes for the one percent!