Victor Corral

Cash Rules Everything Around Me…

Looks like I’ll have to cancel my subscription to Robb Report.

The 2007 Census numbers for income and poverty dropped this week, and let me tell you, the numbers don’t look so hot. And according to some experts, they’re going to look worse next year. “With inflation much higher in 2008, it’s going to be downhill from here, “ said Murtaza Baxamusa of the Center on Policy Initiatives in San Diego.

The Census reports that incomes were stagnant between 2006 and 2007 (rising only 1.3%). After adjusting for inflation, the median income in California and in the nation is lower than it was in 2000. Por favor believe it.

So how did people of color fare last year?

• Well, real median income for black households rose, representing the first measured real increase in annual household income since 1999. But on the flip side, black households had the lowest median income ($33,916) among all the race groups and Latinos.

• When it comes to poverty, the national family poverty rate didn’t change, but the rate for Latinos rose by almost 1 percent, as did the rate for children 18 and under, and for seniors 65 and older.

• Although women’s earnings increased a couple grand, they are still lagging behind men’s (78 cents on the dollar). On a positive note, the numbers show that overall income inequality decreased.

Needless to say, times are tough. Most people have not made any real progress in earnings over the last few years, and to top it off, millions of families have homes in foreclosure and even more are struggling to deal with skyrocketing food prices. Let’s hope that the next administration really does provide change we can believe in.

Posted at 10:32 AM, Aug 29, 2008 in Permalink | View Comments