That can't be right though... 1000 people isn't nearly enough to drag the average income down 5k BELOW the median income in a nation of over 300 million. It should still be higher due to the long tail on the high side of incomes.
Where x is the remaining average.
X≈66.3k, and that's excluding the ENTIRE 1% which is over a MILLION people at least, depending on how you count it. America is big.
This is also why the publiclly discussed focus is on household income, which is mostly two incomes. Prior to the 80s single income housholds were the majority.
For the second frame of this to be true, assuming 157 million working Americans, each of the top 10 earners would be making over $150 billion a year on average. This amount is close to the net worth of the world's richest people, and couldn't possibly be their annual income.
The rich are consolidating the market and republicans are too busy incorrectly blaming Joe Biden who is trying to support labor by implementing safety measures and holding businesses accountable.
I see lots of people are pointing out that these numbers don't make sense. Here are some of my thoughts.
I'm not an economist so I'm probably making some very basic mistakes but...
GDP per capita is $76.3k [Google]
Average household size 2.6. [Google]
So GDP per household is $198.4k [Calculator]
That is the mean productivity per household.
But the median income per household is $75k [Google]
So what happens to the $123.4k of productivity (198.4k-75k) per household that isn't paid to workers? It's in the outliers and is asset appreciation isn't it?
This, ladies, gentlemen, & all other variadic param[] of polymorphic gender identifier: average is just about useless when your income distribution is skewed to hell.
The following elaboration of 'skewed to hell' brought to you by our grammatical sponsor(s) who felt a single sentence would be asking a bit much:
skewed to hell:
much like a contemporary Big Box Home Improvement™ 2x4†,
even after you have laboriously picked through the entire 2 pallets of this week's pathetic delivery of stock,
each one weighing as much as an Olympic bar (~45 pounds for the metric challenged),
overladen with pumped-up moisture content,
with employees giving you the stink-eye because their boss is the assistant viceroy to the vice-supervisor II who reports 'directly' to the district junior manager of "end-cap yo' ass from on high I crave the retail facing',
trying in vain to select the most choice and optimal specimens,
still ending up not being able to see anything but sap, knots, and disappointment as you look down the length,
as you strain to assess its deviation from a long-lost baseline against the fluorescent lights,
activating your ADHD superpowers,
contemplating economic and environmental policy failures of multiple decades,
questioning your life choices,
ultimately defending a clumsy attack on your sensibilities by the special human who parked blocking the store entrance and hotdog stand because it can't be arsed to use a parking spot and would not be qualified to park in the 'pro contractor' area anyway as judged by peers
Regardless, the income distribution is about as normal, perky, and bell-shaped as a Petunia in Death Valley.
† Note: 2x4 is given in nominal measurements, not actual dimensions - do your research