Saturday, April 12, 2014

How the economy changed over the past 60 years!

From Thinking On The Margin (a blog):
In the 60 years after World War II, the United States built the world's greatest middle class economy, then unbuilt it. And if you want a single snapshot that captures the broad sweep of that transformation, you could do much worse than this graph from a new Pew report, which tracks how average family incomes have changed at each rung of the economic ladder from 1950 through 2010.    
Note that a few percentage points change in income for the top 5 percent is a lot more money than a few percentage points for the bottom fifth. It was, of course, in 1980s and 1990s that the rich got much richer. The 70s were the years of the oil shocks and inflation. The crash at the end of the first decade of this century saw incomes go down for all groups, but the stock market recovery of the last few years has made the rich richer.

Thanks to nephew Mike for pointing me to this blog post.

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