One in ten Icelanders makes over $8,100 a month

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    • #435799
      Ohio Barbarian
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      • Total Posts: 21,760

      (Iceland Monitor) According to a new report published by Statistics Iceland the average employed Icelander last year earned about $6,440 per month or 794,000 kr which makes around $77,250 for the whole year.

      Half of Icelanders enjoyed a monthly income of between $4,620 and $7,360, using today‘s exchange rate, or $55,440 to $88,320 on an annual basis. According to Mbl.is the report notes that in 2020 salaries in the lowest decile rose at a quicker pace than did salaries in the highest decile. The lowest 10% of income earners saw their wages rise by 9.5% while incomes of the highest 10% rose by 5.1% on average.

      The Sars-CoV-2 pandemic had the effect of raising the average salary nationwide as the contraction in the tourism industry disproportionately affected those in on the lower rungs of the job market, leaving them unemployed and therefore causing the average salary to rise.

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      Although Icelandic salaries may seem generous in comparison to other countries readers should be aware that Icelandic salaries are heavily taxed as are consumer goods, leaving people with less purchasing power. The marginal individual income tax rate is 46,26% not including union dues and a mandatory pension payment of 4%, and the sales tax can be as high as 25%. ai@mbl.is

      Full story hereAll right, say their taxes are 50%. That’s STILL a net income of $3220 per month for the average Icelander. Plus they have things like free health care and college. 

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

    • #435804
      David the Gnome
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      Strange isn’t it?  That the “wealthiest Country on earth” pays so much less, has poorer infrastructure, etc.

      The difference for me between when I worked forty hours a week and now with SSI is… 400 dollars a month or so.  Part time I probably made closer to 5-600, so I am actually getting more.

      Plus health insurance and now food stamps.  It helps.

      But 50k a year?  Even half of that, for me… It was never likely at all.  Even if I had finished school, at best I might have earned 25-30 somewhere.  Maybe in twenty five or thirty years, that might have gone up to 40.  Maybe.

      I wonder what percentage of Americans make over 50 a year.  Can’t be very high.

      • #435885
        snot
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        but I’m guessing they pay less for healthcare and other benefits.

        Destruction is easy; creation is hard, but more interesting.

    • #435847
      GZeusH
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      • Total Posts: 4,259

      And even if I got paid $8,100 a day, I wouldn’t be eating any.

      Corporate America consists of totalitarian entities laser-focused on short-term greed.

    • #435881
      doh1304
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      • Total Posts: 1,673

      https://en.wikipedia.org/wiki/Household_income_in_the_United_States

      18th percentile  < $25k…38 percentile <$45k…61st percentile <$75k…81st percentile <$120k as of 2014. Chart only goes to 97th percentile.

      Average wage: Iceland, $68k, US $65.8k, but this is wages, America’s number is highly altered by Social Security, etc. (for example: I “make” app $20k in SSDI and investments, but I spend about $10k in Medicare D copays)

      See also https://en.wikipedia.org/wiki/Income_inequality_in_the_United_States

      • #435958
        Ohio Barbarian
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        • Total Posts: 21,760

        The only reason the American average income is so high is because the 1% make so damned much it makes the average appear that we are better off than we are. Our median income is maybe 42K a year, which is about what I make, and believe you me, that is enables me to be, barely, in what Nina Turner calls the barely middle class.

        It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

        You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

    • #435951
      David the Gnome
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      Can be misleading.  For example – over half of Americans (individuals) earn less than 50k per year.  Then we may or may not attempt to account for social security, disability, retirement, etc.

      If we are looking only at those who are currently in the work force, I would imagine that the more common hourly wage is between minimum and 17 or so.

      Of course, none of this accounts for how low the work force numbers are compared to the overall number of those who, circumstances permitting, would be working.

      Too many different measurements and none of the most common are terribly accurate.

      A majority of Americans actually earn less than 20 an hour – and 20 and 20 an hour (before taxes) is still considerably less than 50k yearly.  Less than 40k if I am doing my math right.

      Quite a lot less after taxes, too.

       

    • #435961
      David the Gnome
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      As of 2018: The Percentage Of American Workers In Each Income Bracket, Visualized – Digg

      So, over 46% actually made less than 30K per year – net (these are net income numbers).  A number that was actually surprising to me was the percentage of those earning less than 5K: 12.47%.  The specifics on this are annoying to find.

      Unfortunately the average gets jacked up by the small number of those earning a lot more money – so going by the average is kind of misleading if you are looking for data on how American workers are doing/what they are earning overall.  I don’t know if we actually have a valid statistic for this – but I would imagine that, in actuality, most American workers earn considerably less than 40K per year, even if we are looking at gross income.  Lots of stats go by household data, which also doesn’t tell us much considering how many millions live with room mates, or whether each works and what each earns.

      Basically, assume that the real numbers are probably worse than the conservative estimates.

    • #435973
      doh1304
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      a more careful read shows my data comes from census reports, which are estimates seen through rose colored blinders. And when you include those living exclusively on Social Security or the “chronically unemployed” – Romney’s “47%” – things decline very dramatically. What surprises me is how much someone with a stable employment – the consuming, tax paying class – THINKS he makes.

      • #436030
        Ohio Barbarian
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        • Total Posts: 21,760

        There are lies, damned lies, and statistics.

        It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

        You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

    • #435979
      David the Gnome
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      • Total Posts: 3,230

      @doh1304

      I have to think that most people are ignorant of how bad it really is.  That’s the only reasoning I can use to justify why millions of us aren’t in Washington DC right now shutting shit down.

    • #436031
      djean111
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      they rely on geothermal heat for heating, lowest cost to heat in the Scandinavian countries.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      Everything I post is just my opinion, and, honestly, I would love to be wrong.

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