http://www.treas.gov/press/releases/reports/incomemobilitystudyfinal.pdf
Please look at Table 3 of the linked Treasury Dept study on income mobility. They took a look at the tax returns of people over 25 years old in 1996, and the same people again in 2005. They measured their income group by quintiles, and converted all income into 2005 dollars to factor in inflation.
Here's what the study found:
The poorest 20% had their "real median income" go up by 90% from 1996.. The middle 20% (middle class) had their real median income go up by 23%. The richest 1% had their real median income decrease by 25%.
How can this be? I thought the liberals and mainstream media were telling us the poor are getting poorer while the rich are getting richer? Could they have been wrong?
And please don't blame this on inflation, as I have mentioned, inflation has already been factored in and we are discussing REAL GAINS and LOSSES.
2007-11-13
10:45:20
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11 answers
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asked by
Uncle Pennybags
7