People often say that "the rich are getting richer while the poor are getting poorer." Economics professor Steve Horwitz explains why in the United States, this characterization is largely a myth.
Real income levels of the poorest 20 percent of Americans have actually risen over time. Further, the individual households that comprise the bottom income bracket do not stay the same. The majority of Americans in the poorest 20 percent become wealthier over the course of their lives.
Wednesday, February 16, 2011
Just spotted this on Facebook, rather timely given what I've been blogging about today.