A strong middle class usually means a strong boating industry, and that means there is plenty of reason we should be poised for success.
According to the U.S. Census Bureau, median household income rose to $59,039 in 2016, a 3.2 percent increase from the previous year and the second consecutive year of healthy gains. As a result, middle-class incomes rose to the highest level ever recorded by the bureau.
The nation’s poverty rate fell 0.8 percentage points to 12.7 percent, with 40.6 million people in poverty – 2.5 million fewer than in 2015. This is nearly what the poverty rate was in 2007 before the Great Recession.
The one concern, however, is that American workers still feel deep anxieties over their income, according to the report. Middle-class households are only now seeing their incomes eclipse 199 levels and economic inequality still remains high between the top fifth of earners and the bottom four-fifths, as well as economic inequality by race and gender.
Even so, this is a very positive report. We can only hope middle-class incomes and the economy in general continue these upward trends. While another recession is inevitable, as economics naturally ebbs and flows, it’s worth taking advantage of the strong market we have right now.