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No, median household income was 7.7k and wages were higher in cal so it was probably 9k.
so... you mean that a house was 4 times salary? That sounds like it is still true today for the average professionals, which they were back then if they were making those salaries as well
Actual economic results came out today. More people working and more income for the people on the lower rungs of the economic ladder.
Such pessimism from a non political lay person I don't trust. I m glad you are not president. Trumpo
is a bad enough prospect.
Where are we now? On the mend. Better than any other country. "The U.S. always recovers"- Warren Buffett.
Quote:
Originally Posted by C2BP
Why does the FED feel it needs to raise interest rates in September? I think they feel that the global recession will have another major dip down in the next year, and, unless they move interest rates up, they will not be able to lower rates when it comes time to fight the recession. Of course, I KNOW that lowering interest rates does not end a recession. We have been lowering rates for nearly two decades, and we are still in near-recession. The global economy has not recovered. Why? Because the economic growth -call it the Business Cycle if you wish -period ended in 2001. The Business Cycle won't begin again, no matter what anyone does, until DEFLATION is allowed to do it's job.
The economy is NOT recovering. If I were the President of the US I would find a FED chair with the courage to raise rates no matter what it did to stock markets and property markets. We have too much debt. We need to destroy debt in order to be able to have real economic growth. Of course the FED has been telling Americans and citizens of the world that it would protect investors. They have been protecting investors since the first bubble burst back in 2001. At that point we needed to begin discouraging debt. Growth was over. Taking out new loans when the Business Cycle had ended was a catastrophe-in-the-making. Higher interest rates protect the public from bad debt decisions, make it harder to get loans, harder to pursue loans. When there is no expansion, there should be no new loans - loans at the end of the Business Cycle are doomed to fail. But the FED decided it would just lie about things and encourage more debt and push down interest rates to encourage more loans and to eventually force people into investments in risky assets because they would have no alternative. With rates at zero, or even less than zero, cash was not an alternative. People would have to risk their savings by investing in risky assets. The FED seemed to be assuring us all that they had our back, they would not lets housing collapse, they would not lets stocks collapse. They did let oil collapse, and the commodities bubble, by raising rates, supporting the US Dollar.
Instead of raising rates in 2001, we did the opposite, we lowered rates, took on more debt, and are still taking on more debt. You can argue that debt doesn't matter, as long as it is manageable. But look where we are now. We are having to fix interest rates below zero to make our debt manageable, for the first time in human existence. This means it is NOT manageable.) If the FED decides to finally protect the Dollar - which it should have begun doing in 2001 - then we will have all those things the FED has been trying to avoid: deflation, depression, collapse of back promises, international tension, protectionism, world war, and austerity, austerity, austerity.
Strong Dollar will collapse the 'Wealth Effect' the FED has been protecting with great vigor since 2001. It will collapse the Housing Market, it will collapse the stock Markets, it will collapse the commodities Market that has been rallying since 2015, after a strong Dollar almost killed oil and gold and silver and industrial metals from 2012-2015. A strong Dollar is strong medicine. It will cure us but it also might kills us. Strong Dollar will show everyone that this so called recovery was a scam and one big lie and illusion!!!!
so... you mean that a house was 4 times salary? That sounds like it is still true today for the average professionals, which they were back then if they were making those salaries as well
The average professional makes 50,000 adjusted for inflation. Median HOUSEHOLD income in Santa Clara is about 93000 (which is slightly higher than San Mateo). That house is now 2 million dollars. That's 20x+ median income
The average professional makes 50,000 adjusted for inflation. Median HOUSEHOLD income in Santa Clara is about 93000 (which is slightly higher than San Mateo). That house is now 2 million dollars. That's 20x+ median income
You are way low for professional income. I live in the boonies and professionals make more than that. Are you trying to tell me that an LPE or CPA in the Bay Area makes less than $150k a year? Maybe you just don't know what a professional is. Some code hack with a BS and a cert from Mickeysoft doesn't qualify. He's just hired help.
You are way low for professional income. I live in the boonies and professionals make more than that. Are you trying to tell me that an LPE or CPA in the Bay Area makes less than $150k a year? Maybe you just don't know what a professional is. Some code hack with a BS and a cert from Mickeysoft doesn't qualify. He's just hired help.
In 1968 professionals made 17000, so they only had to pay twice their income to buy a home
U.S. Household Incomes Surged 5.2% in 2015, First Gain Since 2007
Census Bureau reports the largest annual gain since it began releasing such data in 1967
A surge in U.S. incomes last year delivered the first significant raise for the typical family after seven years of stagnant and declining earnings, the result of sustained job growth finally lifting a broad swath of American households.
The median household income—the level at which half are above and half are below—rose 5.2%, or $2,798, to $56,516, from a year earlier, after adjusting for inflation, the Census Bureau said Tuesday.
The increase was the largest annual gain recorded since the yearly survey of incomes began in 1967, though it didn’t fully close the gap left by last decade’s recessions. Median household incomes stood 1.6% shy of the 2007 level, before the last recession took its toll, and 2.4% below the all-time high reached in 1999.
The figures show how several years of robust employment growth, including 2.4 million people who gained full-time work last year, helped regain ground lost after an especially wrenching downturn, particularly for lower-income households. Longer hours, higher wages and lower inflation also have contributed to the improvement.
You are way low for professional income. I live in the boonies and professionals make more than that. Are you trying to tell me that an LPE or CPA in the Bay Area makes less than $150k a year? Maybe you just don't know what a professional is. Some code hack with a BS and a cert from Mickeysoft doesn't qualify. He's just hired help.
Agreed, esp in the Bay area. The 50K figure is likely for the average white collar office manager there, not what you & I would deem a professional such as a CPA, etc.
Are you trying to tell me that an LPE or CPA in the Bay Area makes less than $150k a year?
A CPA partner at a big 4 accounting firm starts out at about $350K. $850K average after some time on the job. A tax attorney partner at a big 4 accounting firm, or at a law firm, will be north of there.
Last edited by SportyandMisty; 09-14-2016 at 03:37 PM..
A CPA partner at a big 4 accounting firm starts out at about $350K. $850K average after some time on the job. A tax attorney partner at a big 4 accounting firm, or at a law firm, will be north of there.
Not everybody who is a CPA can make it to partner. You should also check out recent article from JP Morgan or Morgan Stanley who refused to accept law partners or law professionals as high net worth. Not every lawyer or tax lawyer can make good money.
Not everybody who is a CPA can make it to partner. You should also check out recent article from JP Morgan or Morgan Stanley who refused to accept law partners or law professionals as high net worth. Not every lawyer or tax lawyer can make good money.
Nope! Every lawyer and cpa makes partner! Every doctor makes chief of medicine! Every cop becomes chief! Every kid who majors in computer science becomes CEO of a tech company! Everyone in America owns a 1/3 acre 5000 square foot Mid century modern house and had a 1959 el dorado biaritz in the drive way!
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