
Even more importantly, income mobility during the Reagan era was extraordinarily high. Between 85-95% (depending on who you ask and the time frame) of the lowest income quintile moved to a higher one. More than half moved to the middle quintile or higher. (I've been looking for more recent data, but the information from Steven Horwitz's webpage is still quite impressive.)
Both data sets also ignore that the quality of virtually everything we buy continues to increase. Every year standards rise, the economy grows and, even in light of inflation, everyone gets a bit richer.
1 comment:
What? You mean Roseanne Barr isn't a credible source?
Say it aint so. Say it aint so!
Post a Comment