Benefits Of The 1990s Economic Boom
January 19, 1999
The current economic expansion -- the longest ever in peacetime -- has benefited virtually every American, economists observe.
- More than three out of every four jobs created from 1989 to 1995 were highly-paid professional and managerial positions, reports the Bureau of Labor Statistics.
- In 1995 and 1996, more than half of new jobs created were in fields where the average wage ranked in the top third of all salaries, says the Council of Economic Advisers.
- From 1994 to 1998, 1.74 million more single parents found jobs and 1.67 million families left welfare rolls.
- During that time, labor force participation of never- married parents soared from 56 percent to 71 percent.
Between 1993 and 1997, inflation-adjusted median household income rose by 8.4 percent to $37,005 and median household net worth climbed to $56,400 in 1995.
These sweet economic times are pushing people into higher income brackets. Consider that from 1991 to 1997, the share of all families with inflation-adjusted incomes in the $15,000 to $49,999 range shrank from 45.8 percent to 43.2 percent. The proportion of those making $15,000 or less fell from 13.5 percent to 12.5 percent.
Meanwhile, the proportion of families earning $50,000 or more a year jumped from 40.7 percent to 44.1 percent.
Source: Anna Bray Duff, "The '90s Boom: Broad and Deep," Investor's Business Daily, January 19, 1999.
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