80% of U.S. reported less income in 2016 survey than in 2007

Alexandre Tanzi:

Newly released income and wealth data from the Federal Reserve Board’s triennial Survey of Consumer Finances show that America’s richest families enjoyed gains in income and net worth over the last decade. Not part of the top 10 percent? Then your income probably fell. The data show that families ranked in the highest percentile saw an income gain of $16,300 from 2007 to 2016. Those below are still making less money.

When it comes to wealth, the gap is even bigger. In 2007, half of families had a net worth of $139,700 or more and half fell below this level. By 2016, the midpoint dropped to $97,300 — a decline of $42,600. Families ranked in the top tenth of net worth have enjoyed a sizable gain since 2007: a $132,100 rise in net worth to reach almost $1.2 million.

Madison’s taxpayer / government funded K-12 schools have significantly increased taxes and spending since the Great Recession. We now spend nearly $20,000 per student despite tolerating disastrous reading results.