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cthulu2016

(10,960 posts)
14. Yes, having zero doesn't necessarily move the median
Tue Jun 12, 2012, 02:52 PM
Jun 2012

But it's still a good statistical measure, provided one takes it only for what it says.

You could, however, have a situation where the bottom 40% was wiped out entirely... homeless, down to the clothes on their back... and the median would not budge if all those people were already in the bottom 40% before being wiped out..

But, like all statistics, it is best to look at a bunch of them for a fuller picture. If the bottom 40% was wiped out entirely then the average of the bottom 20% and the 20%-40% columns would drop to zero. (As would the median.)

The average is easily distorted by the super-rich, but the average for the income sub-divisions is pretty useful.

basically, only the top 20% own much to speak of. HiPointDem Jun 2012 #1
So the mean actually increased. limpyhobbler Jun 2012 #2
according to the 2002 census of wealth hfojvt Jun 2012 #3
I think maybe you just showed what I was getting at. limpyhobbler Jun 2012 #7
except that "lowest 20%" is a division by income hfojvt Jun 2012 #8
Oh OK I see that now. limpyhobbler Jun 2012 #9
"There's lies, damned lies, and statistics." hobbit709 Jun 2012 #16
Yes, having zero doesn't necessarily move the median cthulu2016 Jun 2012 #14
Ah that's why you get these idiots saying that economics isn't a zero-sum game! Zalatix Jun 2012 #4
Wrong Cali_Democrat Jun 2012 #5
LOL @ that picture! Zalatix Jun 2012 #13
The top 1% owns 40% of the total wealth in the U.S. Egalitarian Thug Jun 2012 #6
It could be worse. The median net worth of single African American women is FIVE BUCKS. TrollBuster9090 Jun 2012 #10
400 years of oppression tends to have that effect on people. limpyhobbler Jun 2012 #11
+1000 Liberal_in_LA Jun 2012 #15
$1.98 after taxes. HopeHoops Jun 2012 #12
These stats perplex me Proud Public Servant Jun 2012 #17
I can't see the chart but here's the theory dmallind Jun 2012 #19
But I still can't understand the absolute numbers Proud Public Servant Jun 2012 #20
Retired people. taught_me_patience Jun 2012 #22
Living off savings = no income cthulu2016 Jun 2012 #23
I often feel so... LanternWaste Jun 2012 #18
I'm curious as to whether the under 35 is skewing the median lower taught_me_patience Jun 2012 #21
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