Friday, September 24, 2004

The Escalation of Income 

TCS: Tech Central Station - Arnold Kling describes how things are getting better, faster all the time.

Anytime you hear about the "middle class squeeze", you should remember that statistics show that, if anything, the middle class is being squeezed upward into the upper class. He responds to a story about the disappearing middle class:
The proportion of families earning $35,000 to $50,000 has fallen from 22.3 percent to 15.0 percent, which is consistent with the tone of the story. However, the proportion of families earning less than that has fallen, also. The most dramatic development is the increase in households earning more than $75,000, which went from 8.2 percent of households in 1967 to 26.1 percent of households in 2003. A large portion of the population has been "squeezed up" into the highest income category.

Comments: Post a Comment

This page is powered by Blogger. Isn't yours?