Here’s another statistic that is widely reported as improving.
In September 2017 the average household income in the United States was reported as an all-time high of $59,039 on average.
This seems like a good thing and instils confidence in the administration and the economy.
However it ignores the fact that more young adults are living at home until later in life.
This means that the average household income would increase due to more earning residents living in the household.
The minimum federal wage in the United States is $7.25 with the average number of full-time hours being 8 working hours per day.
There are a total of 260 workdays per year.
So to do the math; 7.25 * 8 * 260 = $15,080.
$59,039 / $15,080 = 3.915.
To make these figures work you would need 3.9 adults living in a household to correlate the average minimum wage with the average household income.
Of course there are some variances, but these kinds of mathematics explains a lot.