Personal income and finances: regional comparisons

As the "baby boom" generation moves closer to retirement and Social Security and Medicare face potential problems, the financial condition of U.S. households and families has become a much discussed topic. The personal saving habits, wealth and debt burden of society have been intensely analyzed in order to gauge the future impacts on the economy. This article views personal income growth from a regional perspective, pointing to the vastly differing outcomes of total and per capita data. The importance of regional differences in cost of living and taxation and the possible impacts on personal finances are highlighted. A review and debate on the broad brush approach of many federal programs is suggested.