"personal income has fallen." what does this mean? what affect with this have on minority populations?

Answer 1

This "personal income" statistic, like most economic statistics these days, is so politicized as to have been stripped of all real meaning. The problem lies in the fact that it over-generalizes a situation, making it impossible to determine real causes and effects. Statements like this are used primarily by politicians, to create a sense of division and hostility within the people so that the politicians can promise to "fix" the problem and thus get elected.

WHOSE "personal income" has fallen? Some people increase in personal income while others decrease (and the two are not necessarily linked, though in some cases they can be).

"Personal Income" as an economic figure is based on an overall average of personal incomes, based on data compiled by the IRS. What it DOESN'T tell you is WHY or HOW the incomes have changed -- you have to dig much deeper into the details in order to come up with any meaningful information. For example, it means one thing if the personal incomes of the poorest 20% have decreased, and another thing entirely if the personal incomes of the wealthiest 5% have decreased. Once averaged out, the wealthiest 5% losing a small percentage of their income can have the same numerical effect on the "personal incomes" figure as the poorest 20% losing half their already-meager incomes. The figure is just basically meaningless in terms of trying to predict results of the change.

If "personal incomes" do in fact decrease within the minority population taken as a whole, then as a whole the minority population will be more at risk of bankruptcy, inability to find quality health care, etc -- but this won't mean that ALL minorities will be so affected, only those whose OWN "personal incomes" have decreased will be so affected -- the highly paid entertainers, athletes, well-educated professionals, etc amongst the minority population will remain largely unaffected.

Answer 2

It could mean that incomes are not rising enough to keep up with increases in costs, so people have less money available to spend. Some companies are reducing their work forces, and people can't always find a replacement job at the same salary. It affects everyone who works at a regular job, not just minority populations.

Answer 3

Forget about minority populations what about me.

Answer 4

It means the COST OF LIVING HAS INCREASED.
The amt u r earning is having a lesser purchasing power.

DOES minority means poor people or of a certain religion or any other!!!!