Census Bureau reports slight rise in 2006 incomes but as a group, households aren't doing as well as before the 2001 recession.
NEW YORK (CNNMoney.com) -- Household income crept higher and the
poverty rate edged lower last year, the government said Tuesday, while
the number of Americans without health insurance rose by 2.2 million to
47 million people.
Median household income rose 0.7 percent to
$48,200, adjusted for inflation, the Census Bureau reported. But more
people had to be at work in each household to get there.
That's
because median earnings for individuals working full-time year-round
actually fell for the third consecutive year. For men, earnings slipped
1.1 percent to a median of $42,300, while for women, earnings sank 1.2
percent to a median of $32,500.
This is not surprising considering that
since 2000 and many businesses have moved parts of their operations
overseas to save costs. The transfer of American jobs outside of the
US will have an effect on income levels in the United States.
What was originally manufacturing job
loss is now effecting white collar jobs also from programmers to
customer service jobs. More job losses will likely follow as
companies find ways to cut costs.
Income levels should continue to fall, unless Americans can find ways to offset job losses. For those
that are clever, some employees may find ways to improve their value
by cutting costs by outsourcing and managing this. Others that are
already in business can continue this trend of outsourcing and profit
from it.
The book The 4-Hour Workweek cleverly shows how people can benefit from outsourcing to
give themselves plenty of free time in the process
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