Thursday, December 26, 2013
Oh, There's a Gap, Alright - It's Between Their Ears!
According to UCLA economist, Lee Ohanian, using the broadest measure of income (i.e., that which also includes things such as transfer payments, capital income, etc) and subtracting taxes, inequality in the United States had actually gone DOWN from 1979 to 2007 by 2%. And even more telling than that is the fact that consumption inequality has gone down by an even larger percentage; 12% since 1990 (the poverty line for a family of 4 is $23,000, the average consumption level being $44,000). Oops goes the weasel yet again, people.