Gallup released its latest survey of daily self-reported consumer spending for February with the total improving slightly to $84 Dollars per individual per day. For the sake of argument will assume this includes taxes, otherwise the number would be higher. I got to thinking about this and did a little math, $84 per day works out to $30,660 per year and per person with 365 days in the year. Moving to individual earned income data from the Social Security department and we get a figure of $28,031 for 2013, fairly close figures as one would expect. Except that spending includes everybody and the Social Security data only includes those that work. We know from the labor force participation rate, food stamp, disability and unemployment data that a lot of folks that used to work don’t anymore. Further I’m willing to bet that their social benefit payments are well below the annual median earned income, another item that leaves you wondering.
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