Trump's Economic Advisor says a typical American family earns $100,000 a year

The median is the point where half make less, half make more. The "average" ts apparently the arithmetic average, where you add up everybody's income and divide by the number of people. Since the super-rich have so much higher incomes, the "average" is far above what is typical.

http://www.msn.com/en-us/money/markets/gary-cohn-says-a-typical-american-family-earns-dollar100000-a-year%E2%80%94heres-how-much-they-really-make/ar-AAsAmVN?ocid=ob-fb-enus-280

Ester Bloom
Sept. 29, 2017

Trump Economic advisor Gary Cohn told reporters on Thursday that a typical four-person American family bringing in $100,000 a year would save $1,000 under the Republicans' proposed tax reform effort, which they could use to pay for a new car or a kitchen.

In actuality, the average American family makes $74,000 a year before taxes, or about $30,000 less than that, according to the Bureau of Labor Statistics.

The median American family income is roughly half of Cohn's estimate, or only about $55,000.

And some critics are seizing on Cohn's assertion that, with $1,000, a family "could renovate their kitchen, they could buy a new car."

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http://www.businessinsider.com/gary-cohn-success-story-2017-8

Gary Cohn is one of the most successful self-made people in America.

He ran Goldman Sachs and amassed an estimated net worth of $266 million before becoming Trump's leading economic adviser.

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