The typical U.S. family earns about $71,000 per year, according to the Census. Yet, the average American believes a family needs at least $85,000 in annual household income to get by, according to a recent Gallup poll. That finding tracks with a recent study from SmartAsset, a financial technology company, which found the average American worker needs $68,499 in after-tax income to live comfortably. (That works out to around $85,000 in total income, assuming a 20-percent tax hit.) The two releases point to the same conclusion: Many Americans earn too little in 2023 to attain a decent standard of living in their communities.

The typical U.S. family earns about $71,000 per year, according to the Census. Yet, the average American believes a family needs at least $85,000 in annual household income to get by, according to a recent Gallup poll.

That finding tracks with a recent study from SmartAsset, a financial technology company, which found the average American worker needs $68,499 in after-tax income to live comfortably. (That works out to around $85,000 in total income, assuming a 20-percent tax hit.)

The two releases point to the same conclusion: Many Americans earn too little in 2023 to attain a decent standard of living in their communities.

  • seeCseas@lemmy.worldOPM
    5·
    2 years ago

    This is exactly why people are angry. How is it possible that, for all the advances we’ve made, more than half the population is struggling to get by?

    • jonne@infosec.pub
      3·
      2 years ago

      Because wealth inequality is at the same level as the 1920s. Eventually people will be too poor to actually buy the stuff the capitalists produce, and the whole thing will fall apart again.

  • elbowdrop@lemmy.world
    3·
    1 year ago

    This probably has nothing to do with so many young people not wanting a family. Nothing to to with the insane amount of mental health emergencies in America. /s

  • pixelbounds@lemmy.world
    2·
    2 years ago

    The centralisation of money into the hands of the wealth hoarders will never stop. That’s the reason we’re seeing insane inflation and the buying power of the average person is rapidly decreaskg.

    Unless we start holding them accountable for their gross exploitation of workers and make them pay taxes! No human needs over 100 million dollars, it’s hoarding. They don’t care about you, they’d rather you die than them pay 50k more in taxes

  • gyro@dataterm.digital
    2·
    2 years ago

    The explanation, or at least one explanation, or part of the reason, is straightforward. US is getting economically weaker in comparison to other countries. Since it doesn’t have the best social structure, the effects of that are felt by the population. Besides, the average cost of living of an US family is too high compared to the global average. This was made possible by the richness of the country, but is not sustainable.