Although words may have multiple meanings in Statistics, we will stick to the basics here; rather than bore you too much. In Statistics, the word mean is most often used to describe an arithmetic average. The word median indicates the midpoint in a distribution (list) of numbers. The mode is the most commonly occurring number in a list of “data points.”
The mean, median, and mode are measures of central tendency. They help us to identify a number that represents the center of a distribution of data. In the case of household income, these values can show us how we are doing financially, as compared to others in our society.
To use a mean, median, or mode to draw “iron clad” conclusions without further statistical analysis is simplistic. They can, however, give us a “thumbnail sketch.” So, let us plod on.
The household income category that government reports tend to concentrate on is the portion of the population that is below the poverty level. Of course, we acknowledge the importance of recognizing the poor among us. We also need to take note, however, that in today’s economy a great many others are having financial difficulty, too.
The latest figures I was able to locate from the US Census Bureau indicate that in 2021, the US median household income was $70,784. [1] The median 2021 household income in the state where I live was $69,021.[2] Those of us who are retired often have to live on less than that. I do, and the competing demands on my finances are making me scramble to make ends meet.
Retirees are not the only ones hurting. To name a few, families with children, the disabled, small businesspeople, and especially the working poor are often finding that they are running out of money before they run out of month.
The problem is that the cost of living is rising faster than our incomes. The primary cause is excessive government spending. Those most responsible are the Biden Administration and the Democrats and RINO Republicans in Congress.
Today, the US House of Representatives passed a Republican backed bill raising the debt ceiling to $31.4 trillion. However, the bill also contains major spending cuts. The bill offers the Democrats the ability to increase the debt by about $1.5 trillion, but the Democrats in the Senate are expected to vote it down.[3] Apparently, the $1.5 trillion debt increase is not enough for them, and they consider the spending cuts to be “draconian.” That is where We the People come in.
The pundits are warning of a major economic recession if the USA defaults on its financial obligations, which they say will happen if Washington is not allowed to continue to spend more money than they take in. Perhaps they are correct. Maybe not. I don’t know.
I am sure of this – that the current level of debt creation has already caused ordinary Americans to be unable to afford transportation, shelter, medicine, food, household utilities, clothing, and other necessities. There are no easy choices, but I submit to you that continuing to allow our government to incur trillions of dollars in debt is far more destructive in the long-term.
Therefore, I am urging my fellow citizens to write, call, and email their Senators and President Biden, urging them to pass this legislation and sign it into law without delay. Our future, and the future of our progeny depend on it.
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