A dramatic graph: income growth by income quintile
Here’s another great find by the Freakonomics blog.
Dark bars, below, represent income growth across the economic spectrum from 1947-1973. The least grew the most (br-r-ravo!), and the middle and upper classes did pretty well, too.
The light bars tell a more troubling story. In recent times (73-05), the smallest incomes grew (as a percentage) the least. In fact, without exception, the more income a quintile received, the greater was the percent of increase in that quintile’s paycheck. The least (thus), benefited least. The first, the most.
Put another way: the economy disproportionately rewarded high-income people. And it hasn’t always been this way.
Seeing it in graphic form is startling, eh?
Follow the link to the original article to explore the thesis that this all springs from education issues.
Thought-provoking! What’s your take?
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- Inequality at Birth (citizeneconomists.com)
Written by Monte
June 14, 2009 at 8:43 am
Tagged with Claudia Goldin, Consumer price index, Economic, Economic growth, Economic inequality, income by quintile, income growth, income inequality, middle class income, poor get poorer, Poverty, rich get richer, rich vs. poor, Social Sciences, United States, United States Census Bureau, Wealth, working poor
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