NEW YORK — If you’re living in the U.S. but haven’t made it past the first year of the Trump administration, the odds are you’re not in the top 20 percent of earners.
That’s according to a report by the Federal Reserve Bank of St. Louis.
Its survey of about 1,600 households found that the median income in the nation’s 50 states was just over $50,000, while the median wealth of Americans in the national average was $1.7 million.
This is a stark contrast to what the median U.N. report on poverty in 2016 found.
It found that poverty was highest in the Northeast, at 47.5 percent, and lowest in the Midwest, at 13.3 percent.
And while the average income was higher in the West, at $74,200, it was significantly lower in the South, at just $43,200.
Even in the North, median household income was lower than the national median, at about $56,400.
Income and wealth are not just in the hands of those who are fortunate enough to have them.
About 60 percent of people who earn the minimum wage or less are in the bottom 40 percent of income earners, the Fed said.
The report found that more than a third of households that receive food stamps are also low-income.
While the Fed’s report notes that poverty is a growing issue in America, the average person still sees a bigger divide between themselves and their neighbors than they do in previous decades.
Americans are also spending less time with family, friends and pets than they did during the 1970s and 1980s, and have fewer options for vacations.
As the economy slows, the number of people living in poverty has been declining.
But the Fed also said that people in low-wage jobs are still spending more time with their families and are less likely to go on vacation.
“The overall picture is less rosy than we might have expected,” the report said.
“However, the rate of reduction in poverty appears to be increasing in the next few years, driven in part by rising employment and rising earnings.”
In other words, even if you have the right skills, you won’t be able to live well enough to make ends meet unless you work.