Increase in Typical Family’s Income Largest On Record
The three key indicators of well-being in today’s Census data all moved decisively in the right direction in 2015 — the first time that has occurred in nearly two decades. The number of uninsured Americans fell by 4 million from 2014 to 2015, on top of a nearly 9 million drop the year before, with the share of Americans without insurance falling to an all-time low of 9.1 percent. After adjusting for inflation, the typical household’s income rose by a stunning 5.2 percent, or $2,798, the largest increase in median income in both percentage and dollar terms ever recorded, with data back to 1967. The poverty rate fell from 14.8 percent to 13.5 percent, tying the record for the largest improvement since 1968.