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October 25, 2014

Minnesota’s median income takes nation’s steepest fall

A new report finds that Minnesota’s median household income has declined more steeply than that of any state in the nation, according to MPR.

The startling statistic is calculated by Growth and Justice, a St. Paul-based economic justice group. Their new analysis, which looks at the period between 2000 and 2010, breaks down the numbers with an array of charts, maps and graphs.

The report shows the state’s median income of about $58,000 has fallen by 18 percent after an adjustment for inflation.

The good news is that the state’s median income has experienced a post-recession rebound. The bad news is that the group found the income gap between the state’s poor and affluent continues to widen and the number of residents living in poverty is on the rise.

Growth and Justice said that the widening inequality gap threatens to slow the state’s future growth. The group suggested that policy makers consider how any legislation might increase economic inequality and proposes an Economic Inequality Impact Assessment to review laws and regulations that impact taxes, state and local budgets, or the economy.