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No? Well that seems to be the problem. If you're already rich then great you're probably even richer but if you're poor or in the middle then the news isn't as good. If you were in the bottom 20 per cent of income then you only saw a 0.6 per cent rise in income but if you were in the top 20 per cent, and even better, the top 5 per cent, then you saw a much bigger increase.
Now there's nothing wrong with the rich getting richer but it would be nice if all boats were floating higher instead of some taking on water. There is a silver lining in this according to one analyst. In this article (paid subscription required) in the Wall Street Journal, Bruce D. Meyer says that these statistics are overly pessimistic because they don't take other income into account. What income is he thinking of; food stamps, housing assistance and medicaid, of course.
WHAT!?!?
Food stamps? Is that the point at which you know you've made it. "Hey I feel so wealthy now I can finally get food stamps." Housing assistance? "Wow look at our incomes rise thanks to that housing assistance."
Now I'm not one of these people who thinks that these figures indict capitalism. I'm a capitalist and I think our system is working just fine but I do believe that statistics like this should give everyone who feels they aren't doing well enough an incentive to do more. I'm a big proponent of individual responsibility and that means you have to make the right decisions from the beginning. That means getting a good education if you're young. That means having some career goals that will lead to advancement throughout your career.
The Wall Street Journal article quotes people who were interviewed by the census bureau. "We have been regressing, with higher gas prices and I am paying a lot more in county and state property taxes," said one 47 year old man from Ohio. Not everyone can become management but this man has worked for 28 years in a tire factory. Where is his ambition to do more, to advance?
My father worked for 30 years as a professional fire fighter but he also ran his own business. It's not a life I would necessarily choose since two full time jobs is very difficult but it provided us, his children, with opportunities that allowed us to get an education that lead to higher paying jobs.
A friend of mine is currently in a very similar position. He's a union member having worked at the same job for 13 years. He has an opportunity to possibly move up into a management position but is too comfortable with the union rules and protections to take the risk. He'd rather continue with the status quo than rely on his abilities to advance his career.
So incomes aren't rising as quickly as we'd like or maybe they aren't even rising for you at all. Instead of complaining, do something. If that means cutting back on spending until things get better then do it. If it means taking a risk for the possibility of improvement then do that too.