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Our Broken Economy, in One Simple Chart
5 Views • Aug 10, 2017
Description
income growth IN 1980
income growth in 2014
income growth in 1980
see the largest income growth
Over previous 34 yearst
Many Americans can’t remember anything other than an economy with skyrocketing inequality,
in which living standards for most Americans are stagnating and the rich are pulling away.
In recent decades, by contrast, only very affluent families — those in roughly
the top 1/40th of the income distribution — have received such large raises.
The poor and middle class used to see the largest income growth.
The post-inflation, after-tax raises that were typical for the middle class during the pre-1980
period — about 2 percent a year — translate into rapid gains in living standards.
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