More Americans are making more money.
The U.S. Census Bureau released new numbers on Tuesday showing that, after a brutal economic recession and years of stagnation, real median household incomes rose from $53,718 in 2014 to $56,516 last year. That’s a 5.2 percent rise — the first statistically significant increase since 2007.
But, as NPR’s Pam Fessler notes, “the median household income was still lower than it was in 2007.”
The official poverty rate decreased to 13.5 percent for last year, a drop of 1.2 percentage points. That represents 3.5 million people who are no longer in poverty and is the largest annual percentage point drop since 1999, the Census Bureau says.
The supplemental poverty measure — an alternate way of gauging poverty, which takes more factors into account — also dropped significantly, falling by 1 percentage point to 14.3 percent.
“Poverty dropped for whites, blacks and Hispanics, as well as for children and seniors,” Pam reports.
The number of people with health insurance also rose. More than 90 percent of Americans are covered by health insurance — an increase of 1.3 percentage points since 2014, and growth of 4.3 percentage points since the major provisions of the Affordable Care Act, the bureau says.
Read the full article.