Posts tagged with: Wealth in the United States

Blog author: jcarter
Wednesday, September 14, 2016
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7figuresYesterday the U.S. Census Bureau released its latest report on income and poverty in the United States. Here are seven figures from the report you should know about:

1. Real median household income increased 5.2 percent between 2014 and 2015—from $53,700 to $56,500. (This is the first annual increase in median household income since 2007.)

2. In 2015 the median income of a married-couple household was $84,626. For a female head of household (no husband present) the median income was $37,797. For a male head of household (no wife present) the median income was $55,861.

3. The official poverty rate decreased by 1.2 percentage points between 2014 and 2015. The number of people in poverty fell by 3.5 million between 2014 and 2015.
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School-Desks--Empty-Classroom--GENERIC-HD--1-9-09---18449637Back in October I offered five guidelines on “how to be a better guesstimater,” ways to hone your skills at guessing and estimation — guesstimation — that will help us minimize innumeracy.

A recent Washington Post article—“Majority of U.S. public school students are in poverty”—shows how applying these five tips could prevent people from falling for obviously inaccurate reporting. Here is the main claim of the article:

For the first time in at least 50 years, a majority of U.S. public school students come from low-income families, according to a new analysis of 2013 federal data, a statistic that has profound implications for the nation.
The Southern Education Foundation reports that 51 percent of students in pre-kindergarten through 12th grade in the 2012-2013 school year were eligible for the federal program that provides free and reduced-price lunches. The lunch program is a rough proxy for poverty, but the explosion in the number of needy children in the nation’s public classrooms is a recent phenomenon that has been gaining attention among educators, public officials and researchers.

Are those numbers accurate or even plausible? Let’s see how we could apply the tools of guesstimation to this claim.
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Blog author: ehilton
Wednesday, February 19, 2014
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The much-maligned 1%. Websites are devoted to getting them to spread their wealth. They are called self-pitying, greedy…just all-around bad folk.

Really?

In today’s Wall Street Journal, James Piereson says the 1% are actually hard-working people like the rest of us. They have jobs. They earn their money. Maybe they earn more money that most of us, but they do earn it; they aren’t trust fund babies or spoiled heirs. (more…)