Median Household Income by Type of Household & Home Equity
MORTGAGE DEBT EXCEEDS HOME EQUITY BY $308 BILLION
The dramatic two fold increase in mortgage debt in the last decade, from $3,042 billion in 1993 to $6,271 billion in 2003, does not bode well for American households. This $3,229 billion increase in mortgage debt is greater (by $308 billion) than the entire $2,921 billion net worth of all 63 million American homeowners in 1993 reported by T. J. Eller in the Current Population Reports issued by the US Census Bureau in September 1995. Adding to this the nightmares of $2 trillion in consumer credit, an amount almost twice the $1.3 trillion in savings institutions (Table 1140 of the 2002 US Statistical Abstract), our status as the only industrialized nation with a negative personal savings rate, and the recent $7.2 trillion loss in the stock market, the sheer concept of private property ownership as defined by our Founding Forefathers becomes a fleeting dream for our children and our Forefathers' posterity.
PER HOUSEHOLD: LOCAL, STATE, AND FEDERAL SPENDING EXCEEDS MEDIAN INCOME
In 1996, there were 101,081,000 American households with median incomes of $35,172. The 2002 US Statistical Abstract, Table 416 shows that state and local governments spent $1,720,889,000, of which $255,048,000 came from federal government and $1,465,841,000 came from state and local sources, and Table 450 shows that federal outlays were $1,652,600,000, including the above amount spent by states. Thus total government spending was $3,118,441,000, or $30,851 per household.
This government spending per household is just about equal to "Male householder with children, no spouse" income of $31,020, and 71% higher than "Female householder with children, no spouse" income of $18,000. It also exceeded the total incomes of "Married-couple, no children, household 65 years or over Including income of wives", "Married-couple, no children, household 65 years or over Excluding income of wives", "One-person household, male less than 65 years old", "One-person household, female less than 65 years old or over", "One-person household, male 65 years old or over", "One-person household, female 65 years old or over", and was just about equal to "2-or-more-person household, female householder, no spouse or children".
Only five types of households had incomes significantly higher than average government spending per household: "Married-couple with children Including earnings of wives" by $21,099, "Married-couple, no children, householder less than 40 years old Including earnings of wives" by $19,979, "Married-couple, no children, householder 40 to 65 years old Including earnings of wives" by $27,805, "Married-couple, no children, householder 40 to 65 years old Excluding earnings of wives" by $10,736, and "2-or-more-person household, male householder, no spouse or children" by $10,941.
Since then, federal spending increased by another $3,957 per household and state and local spending increased by another $4,946 per household, leaving government spending per household at $39,754, 31% more than the $30,436 median income of black households and 19% more than the $33,455 median income of Hispanic households.
This spending is 7% higher than the median income of a full time working man and 46% higher than a full time working woman ($37,057 and $$27,194 respectively).
Only the 79,375,000 White Non-Hispanic households with a median income of $45,910 who had two workers had higher incomes than government spending (15% higher).
The 88,543,000 White households which included Hispanic Whites had a median income of $44,232, but median incomes of White Hispanics was $29,704, putting them significantly lower than blacks and all Hispanics and making them non-contributors to this tax base:
88,543,000 White households x $44,232 median income =
79,375,000 White non-Hispanic x $45,910 + 9,168,000 White Hispanic x [White Hispanic Income, which must equal $29,704]
Who makes up these 9.2 million White Hispanic households who earn even less than Blacks, when Hispanic households in general earn 10% more than Black households? Are they the straw who broke the camel's back?
TABLE 4. MEDIAN HOUSEHOLD INCOME BY TYPE OF