The typical U.S. family earns about $71,000 per year, according to the Census. Yet, the average American believes a family needs at least $85,000 in annual household income to get by, according to a recent Gallup poll. That finding tracks with a recent study from SmartAsset, a financial technology company, which found the average American worker needs $68,499 in after-tax income to live comfortably. (That works out to around $85,000 in total income, assuming a 20-percent tax hit.) The two releases point to the same conclusion: Many Americans earn too little in 2023 to attain a decent standard of living in their communities.

The typical U.S. family earns about $71,000 per year, according to the Census. Yet, the average American believes a family needs at least $85,000 in annual household income to get by, according to a recent Gallup poll.

That finding tracks with a recent study from SmartAsset, a financial technology company, which found the average American worker needs $68,499 in after-tax income to live comfortably. (That works out to around $85,000 in total income, assuming a 20-percent tax hit.)

The two releases point to the same conclusion: Many Americans earn too little in 2023 to attain a decent standard of living in their communities.

  • @[email protected]
    4•1 year ago

    The explanation, or at least one explanation, or part of the reason, is straightforward. US is getting economically weaker in comparison to other countries. Since it doesn’t have the best social structure, the effects of that are felt by the population. Besides, the average cost of living of an US family is too high compared to the global average. This was made possible by the richness of the country, but is not sustainable.