Income Sources of Older Households: 2017

Link:https://www.census.gov/library/publications/2022/demo/p70br-177.html?utm_medium=email&utm_source=govdelivery

PDF: https://www.census.gov/content/dam/Census/library/publications/2022/demo/p70br-177.pdf

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This report examines older households’ sources of income, the amounts of this income, and how much each source of income contributes to total income. Older households receive income from a variety of sources, including social programs, private retirement savings, and earnings. Estimates from the 2018 Survey of Income and Program Participation (SIPP) show that in 2017, lower-income households relied on Social Security to a large degree, while higher-income households received a larger share of their income from private retirement savings and earnings. 

Author(s): DANIEL THOMPSON AND MICHAEL D. KING

Publication Date: Feb 2022

Publication Site: U.S. Census

Women Consistently Earn Less Than Men

Link:https://www.census.gov/library/stories/2022/01/gender-pay-gap-widens-as-women-age.html

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Women are over-represented in lower paying jobs and, as they age, the pay gap widens even more.

The U.S. Census Bureau’s Quarterly Workforce Indicators (QWI) shows the pay and age dynamic of women and men. Here, we looked at workers ages 35-44.

According to the QWI data based on unemployment insurance wage records for the third quarter of 2020 (the most recent national data), women in the United States earned 30% less than men and that pay gap increased with age.

….

QWI Explorer provides easy access to national data on earnings of women and men. Figure 1 shows a gap in monthly wages of almost $4,000 for women compared to men with a bachelor’s or advanced degree.

Author(s):EARLENE K.P. DOWELL

Publication Date: 27 Jan 2022

Publication Site: U.S. Census Bureau

Covid-19, Endemic or Not, Will Still Make Us Poorer

Link: https://www.wsj.com/articles/covid-19-endemic-or-not-will-still-make-us-poorer-11642608213

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Endemic Covid-19 could thus become a lasting “supply shock” that degrades how much economies can produce, similar to the surge in oil prices in the 1970s. In October, the International Monetary Fund estimated global output this year would still be 3% lower than it had projected in 2019, with Western Europe and Latin America showing much bigger hits than China and Japan, where Covid-19’s toll has been much lower.

The U.S. is an exception: Output in the last quarter of 2021 was roughly back to its pre-pandemic trend. But the economy, distorted and disrupted by Covid-19, is struggling to sustain this level of output, as the surge in inflation to 7% demonstrates.

Covid-19 might have boosted efficiency in some industries by speeding up digitization and adoption of remote work. Goldman Sachs economists estimate this delivered a 3% to 4% boost to U.S. productivity.

But some of the shift to remote operations is involuntary, and some of the rise in productivity might reflect an overworked workforce. Indeed, the pandemic has left the labor force smaller, sicker and less happy. Absences due to illness among employed workers have averaged 50% higher in the last two years. In early January, nearly 12 million people weren’t working because they were sick with Covid-19, caring for someone with coronavirus, or concerned about getting or spreading the disease, according to a regular Census Bureau survey. The figure hasn’t been below 4 million since June 2020.

In the past year, workers have reported declining satisfaction with their wages and a rising “reservation wage,” that is, how much they would have to be paid to accept a new job, according to the Federal Reserve Bank of New York. This might reflect inflation, changed expectations, or stress due to Covid-19 testing, masks and vaccine mandates, or their absence.

For employers, this makes it much harder to attract the necessary staff. Nursing homes have boosted hourly wages 14% since the start of the pandemic, yet staffing has plummeted 12%, impairing their ability to accept new patients. Such shortages impose a cost that doesn’t show up in gross domestic product.

Author(s): Greg Ip

Publication Date: 19 Jan 2022

Publication Site: WSJ

Americans Moved to Low-Tax States in 2021

Link: https://taxfoundation.org/state-population-change-2021/

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Nationally, the U.S. population only grew by 0.1 percent between July 2020 and July 2021, the lowest rate since the nation’s founding. Pandemic-induced excess deaths, virtually nonexistent international in-migration, and an already-declining birth rate yielded an almost flat population trend nationwide. This, however, belies state-level and regional differences. Whereas the District of Columbia’s population shrunk by 2.8 percent between April 2020 (roughly the start of the pandemic) to July 2021, New York lost 1.8 percent of its population, and Illinois, Hawaii, and California rounded out the top five jurisdictions for population loss, Idaho was gaining 3.4 percent, while Utah, Montana, Arizona, South Carolina, Delaware, Texas, Nevada, Florida, and North Carolina all saw population gains of 1 percent or more.

The picture painted by this population shift is a clear one of people leaving high-tax, high-cost states for lower-tax, lower-cost alternatives. The individual income tax is only one component of overall tax burdens, but it is often highly salient, and is illustrative here. If we include the District of Columbia, then in the top one-third of states for population growth since the start of the pandemic (April 2020 to July 2021 data), the average combined top marginal state and local income tax rate is 3.5 percent, while in the bottom third of states, it is about 7.3 percent.

Author(s): Jared Walczak

Publication Date: 4 Jan 2022

Publication Site: Tax Foundation

In the Next 10 Years, Nearly All the Population Increase Will Be Age Group 65+

Link: https://mishtalk.com/economics/in-the-next-10-years-nearly-all-the-population-increase-will-be-age-group-65

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The above stats from Census Bureau Projects U.S. and World Populations on New Year’s Day.

Looking ahead to the next decade the percentage of those 60 and over will rise from 23.29% to 25.93%. 

Meanwhile, the prime working age population age 20-59 declines from 52.06% to 50.75%.

And this is happening with public union pension plans severely stressed despite huge stock market gains. 

Author(s): Mike Shedlock

Publication Date: 3 Jan 2022

Publication Site: Mish Talk

New Census Data Shows Population Increased at Lowest Rate in US History

Link:https://mishtalk.com/economics/new-census-data-shows-population-increased-at-lowest-rate-in-us-history

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The population of the United States grew in the past year by 392,665, or 0.1%, the lowest rate since the nation’s founding. 

The slow rate of growth can be attributed to decreased net international migration, decreased fertility, and increased mortality due in part to the COVID-19 pandemic.

Between July 1, 2020, and July 1, 2021, the nation’s growth was due to natural increase (148,043), which is the number of excess births over deaths, and net international migration (244,622). 

This is the first time that net international migration (the difference between the number of people moving into the country and out of the country) has exceeded natural increase for a given year.

The voting-age resident population, adults age 18 and over, grew to 258.3 million, comprising 77.8% of the population in 2021.

Author(s): Mike Shedlock

Publication Date: 21 Dec 2021

Publication Site: Mish Talk

More than Half of U.S. Counties Were Smaller in 2020 Than in 2010

Link: https://www.census.gov/library/stories/2021/08/more-than-half-of-united-states-counties-were-smaller-in-2020-than-in-2010.html

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Almost half (47%) of U.S. counties or equivalents gained population between 2010 and 2020 (Figure 1).

Five counties (metro areas in parentheses) gained at least 300,000 people during that period: Harris County, Texas (Houston-The Woodlands-Sugar Land); Maricopa County, Arizona (Phoenix-Mesa-Chandler); King County, Washington (Seattle-Tacoma-Bellevue); Clark County, Nevada (Las Vegas-Henderson-Paradise); and Tarrant County, Texas (Dallas-Fort Worth-Arlington).

California’s Los Angeles County remained the largest county in 2020, crossing the 10.0 million-person mark between 2010 and 2020.

Author(s): PAUL MACKUN, JOSHUA COMENETZ, AND LINDSAY SPELL

Publication Date: 12 August 2021

Publication Site: U.S. Census Bureau

A Preliminary Analysis of U.S. and State-Level Results From the 2020 Census

Link: https://www.census.gov/library/working-papers/2021/demo/POP-twps0104.html

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Choropleth of change in population by state (plus DC & Puerto Rico), 2010-2020

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This paper considers the 2020 Census national and state-level resident population counts in historical and evaluative contexts. By comparing the first results of the 2020 Census against benchmark data sources, we examine how the nation has changed at the highest levels and set the stage for the comprehensive analyses still to come.

Link to paper: https://www.census.gov/content/dam/Census/library/working-papers/2021/demo/pop-twps0104.pdf

Publication Date: 26 April 2021

Publication Site: Census Bureau

Computer and Internet Use in the United States: 2018

Link: https://www.census.gov/newsroom/press-releases/2021/computer-internet-use.html

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Among all households in 2018, 92% had at least one type of computer and 85% had a broadband internet subscription. The ACS considers desktops, laptops, tablets, and smartphones as computers, along with selected computing technologies such as smart home devices and single-board computers.

Smartphone ownership surpassed ownership of all other computing devices. Smartphones were present in 84% of households, while 78% of households owned a desktop or laptop. Tablet ownership fell behind at 63%.

Urban residents were more likely than rural residents to use computing devices (93% of urban households compared to 89% of rural households) and were more likely to have any sort of internet subscription (86% of urban households compared to 81% of rural households).

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Publication Date: 21 April 2021

Publication Site: U.S. Census Bureau

Census To Release 1st Results That Shift Electoral College, House Seats

Link: https://www.npr.org/2021/04/26/983082132/census-to-release-1st-results-that-shift-electoral-college-house-seats

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Based on the bureau’s estimates, the latest tally is likely to show that the growth in the number of people living in the U.S. has slowed to the lowest rate the country has seen since the 1940 census was conducted in the wake of the Great Depression. Disruptions from COVID-19 during last year’s counting, however, have made shifts in each state’s population particularly hard to predict.

Last year’s tally was the country’s 24th census — a once-a-decade tradition required by the Constitution since 1790 — and it is the ninth count for which the U.S. government has attempted to include every person living in the country in the numbers used for reapportioning seats in Congress. Before the 1940 census, the phrase “excluding Indians not taxed” in the Constitution excluded some American Indians from the apportionment counts.

Author(s): Hansi Lo Wang

Publication Date: 26 April 2021

Publication Site: Morning Edition on NPR

Those Who Switched to Telework Have Higher Income, Education and Better Health

Link: https://www.census.gov/library/stories/2021/03/working-from-home-during-the-pandemic.html

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Those who substituted some or all of their typical in-person work for telework tended to have higher household incomes than those who did not switch to telework.

In the highest-earning households — those with annual incomes of $200,000 or more — 73.1% switched to telework (Figure 1). This is more than double the percentage (32.1%) of households with incomes between $50,000 and $74,999, a range that includes the 2019 median U.S. household income ($65,712). 

Lowest-earning households were less likely to switch to telework. Only 12.7% of households earning under $25,000 reported teleworking in lieu of in-person work.

Author(s): JOEY MARSHALL, CHARLYNN BURD, MICHAEL BURROWS

Publication Date: 31 March 2021

Publication Site: United States Census Bureau