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The Rich Get Richer, the Poor Get....Richer

Austrian economist Steve Horwitz has been going over census reports from 2006 on average household income. It turns out that the percentage of American households earning $100,000 or more annually more than doubled between 1980 and 2006. The percentage of those making between $75,000 and $99,999 also increased somewhat, while the percentages in every category making less decreased. And before anyone asks, the answer is yes, these are constant 2006 dollars.
Categories > Economy

Discussions - 3 Comments

while the percentages in every category making less decreased.

Well, yes. If the percentage in certain categories increases, the remainder had better decrease, or else something is wrong with the numbers.

the Poor get ... Richer

A rising tide, etc. I think the point is that income inequality is increasing, and in some parts of the country (Democratic parts) it resembles that found in Third World countries.

Meanwhile, the median male wage has stagnated since the early 1970's.

Economist Alan Reynolds of Cato argued that this change is largely on paper, the result of new tax accounting rules that made it more sensible for individuals to designate individually held business income personal income instead. Such statistics are often used to maintain a growing income gap between rich and poor.

This reminds me of Disco Stu hyping the 400% increase of disco record sales in the year ending 1976 to sell stake in his''Disco Stu's Can't Stop The Learnin' Disco Acadamies'' in the year 1997 from the classic episode 4F08 The twisted world of Marge Simpson.

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