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Income Levels in Two Countries

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February 04, 2008 – Comments (5)

I was reading an article on the trickle down effect of the wealthiest Americans not spending

What got my attention was it say that the top 20% of American households have an income of $150k or more.  It got my attention because I was pretty sure that is considerably higher than Canada's income cut off for the top 20%.

I found a fairly interesting article about wage and wealth distribution in Canada, and certainly some of the changes in wealth distribution also apply to the US.  And I was very right about my perception on where the top 20% wage cuts off, at $115,600.  That US figure is not referenced and still seems high to me.

 

5 Comments – Post Your Own

#1) On February 05, 2008 at 8:13 AM, MakeItSeven (33.18) wrote:

"the top 20% of American households have an income of $150k or more."

That was far out wrong.  There's no 2007 income table yet but for 2006, the Census Bureau had  4751+1776+2240 = 8767 households with income of 150K or more.  This is out of a total of 116,011 households so it comes out to about 7.5%.

The top 19% households in the US earn 100K or more according to the Census Bureau.   Some of these reporters are dumb, I looked at the number and knew it was wrong right away without having to double check.

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#2) On February 05, 2008 at 8:40 AM, MakeItSeven (33.18) wrote:

BTW, all the numbers of households come straight from the Census Bureau and are in thousands, of course.  It does not matter if we only care about the percentages.

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#3) On February 05, 2008 at 9:01 AM, dwot (95.70) wrote:

MakeItSeven, I was wondering if the number might apply to New York or something.

I was looking at the budget figures and contrasting them to the Canadian budget figures.  They looked so bad, about 34% more spending in the US per person...  I didn't find the figures for our latest year, but $236 billion federal spending in what I found for Canada for 33 million people.  The US latest budget is $3.1 trillion for 302 million people.  I did my comparison using the US's previous year of $2.9 trillion.  In Canada, using the last year data for both, $7150/person, US $9600/person.  I think our budget comes out this month. 

The $3.1 trillion figure is $10,264/person. This level of spending is what is so going to drag the US economy under for years.  What percentage of people actually work?   Say half the number by the time you take off children, seniors, stay home moms, unemployeed?  The debt per worker is insane...

The US deficit tabled is almost double the entire Canadian federal spending...  $451 billion versus $236 billion. 

I was hoping the averages were higher... 

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#4) On February 05, 2008 at 9:10 AM, MakeItSeven (33.18) wrote:

It says "American households".  Also, there are examples from people in Costa Mesa (CA) and Nevada so I don't think it meant just for one particular state.

I agree that the US budget is just ridiculous.  I think it's just politics to curry favor with the military.  The budget just cries out for a cut in defence to remain supportable but then the GOP can blame the Dem for cutting defence budget later so they can get the military votes.

BTW, the deficit you mention does not include the spending on the SS surplus.  Adding about 300B in SS surplus to that then the deficit should be around 450B.

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#5) On February 05, 2008 at 9:20 AM, MakeItSeven (33.18) wrote:

I meant around 750B, not 450B. 

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