The median household income in the U.S. is about $52,000 per year. The mean household income is about $72,000 per year. For 85 percent of our population, a republic and capitalism is a political/economic system they can, and do, apply to their advantage. Even though the above is an indication of how well we are doing, there are some areas we could improve.
Having a job is a start. Individuals must prepare themselves to be employable at a good job or livelihood in our global environment. Our private realm institutions and business class must endeavor to create more training, leading to career-enhancing manufacturing and service jobs. We want our private realm and public sector to encourage job creation. Welfare and entitlement programs must not compete with jobs or a career. Character, work and productivity build wealth. Building a life for yourself and your family is the pursuit where many people find happiness.
Our labor participation rate is about 62 percent. (There are about 85 million Americans no longer looking for work. Some are retired, disabled, etc. but some have given up looking for work.) The percentage of people between the ages of 24 and 55 who are working is 77 percent, but this could be a little higher. Both numbers indicate an unwanted DRAIN on our productivity, wealth, incomes and savings – via direct private support of individuals and through taxes for welfare and entitlement programs.
Finally, our middle class is not as vigorous, due to a lower market wage environment. Fewer individuals prepared for higher paying jobs. And higher taxes take more of our earned income. We should begin to address these problems in our society.
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