U.S. Median income: Highest Ever

Courtesy Photo

Courtesy Photo

America's highest-earning year was 2016, according to the U.S Census Bureau's recent release. On Tuesday, the U.S. Census Bureau reported that the median household income for 2016 was a whopping $59,039, which surpassed the previous high of $58,655 set back in 1999. 

This news is indicative of how well the middle class is performing from a financial standpoint.  Keep in mind that the figure was adjusted for inflation and is being closely watched.  

The U.S. Census surveyed 100,000 homes and have now concluded that, the earnings were due to an influx of people finding full-time employment and or better paying jobs last year.  

In addition to the middle class out performing 1999's median household income, America's poverty rate has also decreased to a low of 12.7 percent, which is the lowest since 2007; a year before the financial crises.  Furthermore, the percentage of Americans without health insurance also dropped last year to only 8.8 percent and this is thanks to the Affordable Care act and its expanding coverage.

This news is definitely proof that the economy has made a financial recovery, and to help solidify these findings, economists have welcomed the news as evidence.  For years, many have been frustrated as they watched the stock market soar but experienced no increases in their pockets.

Economist Elise Gould of Economic Policy Institute said that, "the slow early 2000's recovery and expansion combined with the damage done by the Great Recession, has led to two decades of lost income growth for typical American households."

However, last year almost every demographic group saw an increase in income last year, census officials found.

But, contrary to the increases, the census changed its methodology in 2014, which makes economists hesitant to confirm that this increase is the highest median ever.  But, economists do feel comfortable enough to acknowledge its growth over the past 2 years.

Source: Census Bureau

Source: Census Bureau