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The Many Measures of Income |
| Section: CURRENT ISSUES / ECONOMIC WATCH |
| Author: Rita McDermott Mayer |
| Publication: The world & I online |
| Issue Date: 10/1/1994 |
| Size: 1,637 Words, 9,600 Characters |
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"Economics," writes well-known economics and financial journalist Susan Lee, "is not always easy to figure. It is filled with lingo and buzzwords."
Some of that lingo surrounds the most basic of questions: How much money do Americans have to spend? The answer would appear to lie in the U.S. per capita income (PCI); unfortunately, it's not that simple.
First, the term must be defined. A Census Bureau publication defines PCI as "the mean income computed for every man, woman and child in a particular group." When the total U.S. income is divided by the total population, the result should be the PCI for the United States.
However, two government agencies gather the income information in separate and very different manners. The Census Bureau actually goes out into the field, k...
. . .
...
Disposable income: The amount of money a person has after taxes have been taken from a paycheck.
Discretionary income: The amount that remains after both taxes and fixed personal expenses (mortgage, rent, insurance, medical care, basic food, etc.) are removed. Real income: The result of adjusting personal income down for past inflation to compare it with previous years' income.
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