Prosperity and Economic Development

How is economic development doing in increasing American's prosperity? Here are some answers to this vitally important question:

Median household money income in the United States in 2002 was $42,409, 1.1 percent lower than in 2001 after adjusting for 1.6 percent inflation. Under four alternative income definitions that deduct income and payroll taxes and include the value of various noncash benefits, real median household income did not change for three of the four income alternatives and declined 0.8 percent for income after taxes. More here.

For the second consecutive year the poverty rate rose, from 11.7 percent in 2001 to 12.1 percent in 2002. The number of poor increased also, by 1.7 million, to 34.6 million poor in 2001. More here.

Median household net worth in 1995 was $40,200, a figure not significantly different from the 1993 median household net worth of $39,590 (in 1995 dollars). More here.

How are we doing fellow economic developers?