|Year||Dividend (Billions)||Dividend Growth Rate|
|Average Dividend Growth Rate||6.24%|
From the growth column numbers you can see that the dividends have always increased year over year. The year over year dividend payments have not gone down in spite of 2000 bubble burst, corporate scandals, or recent wars. The average growth rate of the dividends has been 6.24% since 1988.
Doing calculations with price in denominator or numerator is very tricky. The price/earnings, price/book-value, price/dividends, and even the dividend yield can swing wildly with volatility in price. But, when we remove the price from the equation and look at raw dividend numbers, the noise (volatility) is almost always gone from the numbers and we are left with smooth ride. The key here is to learn to disregard the volatility of price when we invest our money, the long-term investors should benefit greatly from it.
Below is the chart of the above data.