Saturday, September 15, 2012

The Middle Class Loses Unless It Makes $200,000 Per Year

I know that the poor people have refrigerators and cell phones. Therefore, according to some, they should just chill and call someone who cares.

This chart from Andrew Sullivan's blog shows that it's not just the poor who are falling behind; it's everyone not in the upper 20 percent.

Sullivan also quotes Jared Bernstein who points out that the chart shows that for many growth has been a spectator sport.

Bernstein invokes one of my favorite debate phrases when he calls the chart "stark reminder that when it comes to the living standards of middle- and low-income families, overall economic growth is necessary but not sufficient."

I'll add another favorite phrase that has become repeated so often that it is being reduced to a cliche: "insanity is doing the same thing over and over but expecting different results." The policies that led to these results have been in place for decades, but no one seems willing to change them. At best, politicians from both sides of the aisle come up with new names for legislation that will continue this trend.

I'm sure Mitt Romney will want to bet me $10,000 dollars that I'm wrong. He'll also tell me that middle income is $250,000 when that figure really puts one in the top 5%, the cohort that actually has experience growth

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