HispanicPundit + middleclass + sidebar   75

Scott Winship on Inequality, David Henderson | EconLog | Library of Economics and Liberty
As to the claim that the incomes of most Americans have stagnated during the period in which those of the wealthiest Americans have soared, [Richard] Burkhauser's figures suggest otherwise. His research shows that the middle fifth of the income distribution was actually more than one-third richer in 2007 than it was in 1979. The Congressional Budget Office corroborates this estimate, and research by the University of Chicago's Bruce Meyer and Notre Dame's James Sullivan suggests that the increase may have been 50% or more. Such growth could be called "stagnation" only in relation to the golden age of the post-war boom, when the incomes of the middle fifth of Americans doubled over 20 years. Income growth has certainly slowed for poor and middle-class families since then, and not only in the United States: In a range of European and English-speaking countries, demographics and other factors have combined to yield lower rates of economic growth.
brookings  middleclass  henderson  sidebar  mobility  ScottWinship  wages  inequality 
march 2013 by HispanicPundit
The Future: Back to the Past
So let’s ask: how long did a typical American worker have to toil in 1956 to buy a particular sort of good compared to how long a similarly typical American worker today must toil to buy that same (or similar) sort of good? Here are four familiar items: refrigerator-freezers; kitchen ranges; televisions; and automatic washers.
middleclass  brentonwoods  history  wages  standardofliving  boudreaux  sidebar 
november 2012 by HispanicPundit
Wages, Productivity, Rates of Return, and Investment: Quick Thoughts
Note finally (under this point (5)) that high rates of immigration or amounts of trade with low-wage nations cannot explain any failure of wages to keep pace with increased worker productivity in the U.S.  Yes, U.S. employers undoubtedly love the possibility of hiring lower-paid immigrants, or threatening their current American employees with off-shoring whenever these employees press for pay raises.  Employers’ exercise of such options might keep real wages lower for a time, but employers’ successful exercise of these options raises the real return to capital.  What must be explained is why this (alleged) failure of real wages to keep pace with worker productivity has not called forth sufficient new investment to bid down the returns to capital so that capital’s share of national income is once again at its historical norm.
middleclass  sidebar  boudreaux  CrookedTimber  wages  productivity 
september 2012 by HispanicPundit
Landsburg on Median Income, David Henderson | EconLog | Library of Economics and Liberty
Conard points out that between 1980 and 2005, median incomes for non-white women, white women, non-white men, and white men all rose substantially, by 62%, 75%, 16%, and 15% respectively (all in real terms.) That's every adult, right? So how did the median income rise by only 3%? Answer: the composition changed. So white women and non-white women, who started out low, went up a lot, but there was a big of influx of them into the labor market during that time.
statistics  sidebar  henderson  landsburg  books  middleclass  wages 
august 2012 by HispanicPundit
Steve Sailer's iSteve Blog: Absolute Nuclear Families
This Anglo-Saxon absolute nuclear family structure is conducive to the highest levels of personal freedom and individualism. But, it requires a lot of land and wealth to expect your sons to be able to afford houses of their own when they find their brides. The Anglo-Saxon nuclear family model where young adults are not under the thumbs of their parents or grandparents or aunt's husband thrives, as Benjamin Franklin pointed out, in underpopulated places with cheap land and high wages, but, as Franklin also noted in the 1750s, it gets undermined by high rates of immigration, which drive up land costs and lower wages. Those who follow the liberty-loving Anglo-Saxon model tend to get outcompeted by groups willing to pile an extended family into one house, as is happening across many of the metropolises of America today.
sidebar  sailer  middleclass  standardofliving  europe  culture  marriage 
july 2012 by HispanicPundit
There Isn’t Always Work At The Post Office | The American Conservative
In the second category, the best idea I’ve heard is Brad Delong’s utopian and unrealistic army of barefoot nurses dispatched to provide cheaper-than-free basic healthcare services. In practice, this would not be an army of nurses; it would be an officer corps of skilled nurses and an army of much lower-skill support personnel.

But my basic point is that this is a public interest, and therefore has to be undertaken by government policy, however that policy is implemented. Windfalls to current postal employees do nothing to provide a ladder to the middle class for future workers. So there’s no public interest in handing them out.
middleclass  government  sidebar  millman  usps 
july 2012 by HispanicPundit
Is the middle class shrinking? — Marginal Revolution
Krueger’s claim of a shrinking middle class relies on the same peculiar definition. Specifically, “middle class” is defined as having a household income at least half of median income but no more than 1.5 times the median. I re-ran the numbers using the same definition and data source as Krueger and found that the entire reason the middle class has “shrunk” is that more households today have incomes that put them above middle class. That’s right, the share of households with income that puts them in the middle class or higher was 76 percent in 1970 and 75 percent in 2010—two figures that are statistically indistinguishable. For that matter, I am not discovering fire here; Third Way made the same point in early 2007 (page 7). A shrinking middle class is only a problem if it reflects fewer people reaching the middle class.
middleclass  krueger  sidebar 
january 2012 by HispanicPundit
Great Stagnation or Great Vacation?, Bryan Caplan | EconLog | Library of Economics and Liberty
Murray concludes that working class males have simply become less industrious.  Quite plausible, though he neglects a strong alternative explanation.  Namely: Female income has greatly increased, and men with low status jobs are "inferior goods" in the mating market.  As a result, the demand to date and marry such men has sharply declined.  The average guy with a low-status job is only modestly more dateable in women's eyes than the average guy with no job at all.  Men respond by either working much harder to become "superior goods," or saying "Why bother?" and giving up.  On this account, working class men are acting less industriously even though their preferences are no less industrious than they used to be.
wages  genderissues  culture  middleclass  murray  books  caplan  sidebar 
january 2012 by HispanicPundit
Shining more light on income inequality myths « The Enterprise Blog
So what happens to inequality when one profession becomes more respected?  It depends.  If people in the profession currently earn less than average, then giving them more respect increases inequality.  But if people in the profession currently earn more than average, then giving then more respect actually decreases inequality.

Now for the fun part.  Imagine people become more egalitarian, to the point where they heap scorn on the rich and successful.  What is the effect on inequality?  By the previous logic, the effect is directly counter-productive.  The more you scorn rich people, the more people you scare away from high-income professions.  The more you scare away, the lower their supply.  And the lower their supply, the higher their income!

Lesson: If you really want a materially more equal society, stop beating up on the 1%.  Do a complete 180.  Smile upon them.  Admire them.  Praise them.  Sing songs about how much good they do for the world.  The direct result will be to rais
inequality  middleclass  wages  debates  aei  sidebar 
december 2011 by HispanicPundit
Super-Economy: Middle Class Income Stagnation is a Myth
The Congressional Budget Office made their own estimates, accounting for the first two problems, though not for inflation. They confirms that the share of post-tax income going to the top one percent increased from 8% to 17% (a bit lower than Pickety&Saez, perhaps because of household size adjustment and a broader income base). Since the CBO estimate of income growth of 62 percent in the shorter period covered is very close to GDP numbers, their estimates of real middle class income growth are also higher, at 46 percent.

A careful new study by Bruce Meyer and James Sullivan corrects for the aforementioned problems. Similar adjustments are done by Burkhauser et al. (2011) and Gordon (2009). Like the CBO, all these studies correspond better with GDP data, and produce higher estimates of middle class income growth (results summarized bellow).
middleclass  wages  economic-stagnation  supereconomy  sidebar 
december 2011 by HispanicPundit
The 7 most illuminating economic charts of 2011 « The Enterprise Blog
3. Middle-class incomes have been stagnant for decades—not. It is an oft-repeated liberal talking point, one that President Obama himself used in his populist Osawatomie Speech: The rich got richer the past 30 years while the middle class went nowhere. In short, the past few decades of lower taxes and lighter regulation have been a failure. Or, rather, pro-market policies have been a failure … except that new research from the University of Chicago’s Bruce Meyer and Notre Dame’s James Sullivan find that “median income and consumption both rose by more than 50 percent in real terms between 1980 and 2009.”
middleclass  wages  aei  sidebar 
december 2011 by HispanicPundit
Trade: Where can you sell your wares? | The Economist
In order to earn a higher wage than a worker in another country producing goods that trade at a more or less equal price, an employee must be more productive. The higher wage in the tradable sector will lead to a rising wage for workers in non-tradable sectors—that is, those producing non-transportable products like haircuts for local economies—as local firms must pay a competitive wage to attract employees. An overall higher level of income in an economy, in other words, is only possible thanks to higher productivity in the production of tradables.

The trouble, as Mr Luce rightly points out, is not necessarily that America is losing jobs in manufacturing. It's that it is failing to create jobs in the tradable sector. Almost all net new job creation in America over the past 20 years has occurred in non-tradables: things like health care, for instance, or education. This is potentially a very serious issue. If America isn't creating new jobs in the tradable sector, it is presumably bec
sidebar  labor  economy  jobs  economist  yglesias  drum  manufacturing  manu  middleclass  wages  free-trade 
december 2011 by HispanicPundit
The Importance of Trade
But once you start talking in terms of what is and isn't tradeable, about where there is and isn't international competition, then it's easy enough to dispense with talk of manufacturing. Lykke Li songs are legitimate exports every bit as much as Volvo trucks, and we in America do a fair amount of exporting of higher education services.

Most of all, I think talking about tradeability rather than talking about manufacturing clarifies the policy options. If manufacturing is good because the only kind of "good jobs" are the ones that involve "making things" then what you want to do is protect your domestic manufacturers from interational competition. By contrast, if manufacturing is good because it's tradeable then you draw the opposite conclusion that we need to be working harder to open other sectors of the American economy up to more international competition. You're obviously not going to pack doctors' visits up into boxes and ship them around the world, but there's no reason in prin
sidebar  yglesias  drum  middleclass  wages  free-trade  manufacturing 
december 2011 by HispanicPundit
Why We Should Care About Manufacturing | Mother Jones
There are good reasons that the food prep industry isn't held in high esteem, economically speaking. It's labor intensive, not especially productive, and not tradable. No country will ever get rich by employing armies of workers to flip burgers for each other. This doesn't mean that we have to have a huge manufacturing sector per se, but we certainly need industries that have a lot of the same qualities. Sectors that are capital intensive, scalable, and tradable are the future of any healthy economy.
sidebar  wages  middleclass  drum  manufacturing 
december 2011 by HispanicPundit
The Good Old Days - Megan McArdle - Business - The Atlantic
Maybe it's because I grew up later than either Manzi or Krugman; maybe it's because I grew up in Manhattan; or maybe it's because I'm a woman.  Whatever the reason, what I notice about their idyll is how dependent it was on women being home.  Home production looks very similar no matter who is doing it; one family may be having meatloaf, and another filet mignon, but the family meals still have the same basic rhythm of Mom in the kitchen for hours until the family comes to dinner.  Families only need one car because Mom, who doesn't herself work, is available to drive Dad to work every morning before she heads to the grocery store.  And the kids can play unsupervised because, of course, in this neighborhood--in all neighborhoods--there is a network of constantly watching eyes.  Meanwhile, the poor people and minorities are somewhere comfortably distant, allowing young Paul and Jim to experience a world without want. I can tell you where all the inequality and fear and crime was; it was
parenting  brentonwoods  middleclass  krugman  manzi  mcardle  sidebar 
december 2011 by HispanicPundit
The case for exploding income inequality continues to crumble « The Enterprise Blog
The rich got richer, the poor got richer, according to the findings of economists Richard V. Burkhauser of Cornell University, Jeff Larrimore of the Joint Committee on Taxation, and Kosali Simon of Indiana University.
wages  middleclass  inequality  aei  sidebar 
november 2011 by HispanicPundit
Growing Economies, Stagnant Wages - NYTimes.com
Still, the United States was not the worst of the bunch. In Canada, median pay didn’t grow at all between 2000 and 2007.

The moral of the story is that the United States isn’t the only country experiencing growing inequality. Most of the rest of the developed world is, too.
wages  middleclass  france  germany  usa  inequality  economix  sidebar 
november 2011 by HispanicPundit
The Myth of the Median Worker, Arnold Kling | EconLog | Library of Economics and Liberty
There is no doubt that people riding a down escalator are sensing a threat to their relative status. However, setting this aside for the moment, I am inclined to give Russ the point that someone lower down in the income distribution has it better today than thirty years ago. The prices that have gone up the most are for private education and non-acute health care, which I would argue are status goods, not necessities. I suspect that if we measure how far a worker's income goes in providing food, clothing, shelter, and basic durable goods, we would see a notable improvement, even for those who have been riding down escalators.
sidebar  economic-stagnation  middleclass  standardofliving  kling 
october 2011 by HispanicPundit
Beyond The Top One Percent | ThinkProgress
I’m all for that, but I really do think it’s an unduly limited view of political life. Even with several decades of median wage stagnation, the fact of the matter is that the median American household has quite a lot of money compared to the median household of almost every other country. And yet, I think there are a lot of other respects in which quality of life in the United States falls short. We spend a lot of time in traffic jams. We have both a frighteningly high murder rate and a frighteningly high level of incarceration. Our health care system is very inefficient. Americans work very long hours and have unusually little vacation time. It’s not clear to me that any of these issues can be usefully tackled primarily by focusing on higher taxation of the very wealthy.
wages  middleclass  usa  europe  yglesias  sidebar 
july 2011 by HispanicPundit
Stagnating Middle-Class?
In this presentation, I calculate how many hours each non-supervisory worker earning the average nominal hourly wage of such workers had to work in 1975 to buy a variety of ordinary goods, and how many hours each non-supervisory worker earning the average nominal hourly wage of such workers must work in 2011 to buy similar (or, really, in almost every case far superior) or comparable goods.
middleclass  standardofliving  brentonwoods  boudreaux  sidebar 
july 2011 by HispanicPundit
Overtime, Not Wage Increases, Drive Income Growth - Real Time Economics - WSJ
The median income for two-parent families rose to $70,000 in 2009, for working 3,500 hours a year on average, compared with working about 2,800 hours in 1975 to earn $56,600 (in 2009 dollars).
wages  middleclass  WSJ  sidebar 
july 2011 by HispanicPundit
Do Labor Unions Promote the Middle Class?, David Henderson | EconLog | Library of Economics and Liberty
But what if unions did have the effect that Hacker and Pierson claim? This "threat effect" would undercut my claim above. But to see how, let's take an extreme. Let's say that every non-union employer, seeing the threat of unionization, raises pay and benefits a little. They, just like union employers when faced with a higher wage, will employ fewer people. Then those people put out of work by unions will have more trouble finding work. The wages of those who are working will be higher--and there will be fewer of them. The wages of those who are not working will be zero. Will you have a bigger middle class? Possibly. Will you have a larger lower class with people, especially younger people, having much more trouble finding work? Definitely.
unions  middleclass  henderson  sidebar 
may 2011 by HispanicPundit
The Middle-Class Tax Trap - NYTimes.com
They could have ugly political consequences as well. Historically, the most successful welfare states (think Scandinavia) have depended on ethnic solidarity to sustain their tax-and-transfer programs. But the working-age America of the future will be far more diverse than the retired cohort it’s laboring to support. Asking a population that’s increasingly brown and beige to accept punishing tax rates while white seniors receive roughly $3 in Medicare benefits for every dollar they paid in (the projected ratio in the 2030s) promises to polarize the country along racial as well as generational lines.
middleclass  race  taxes  hispanic  douthat  obamacare  PaulRyan  deficits  sidebar 
april 2011 by HispanicPundit
Labour markets: The vanishing middle | The Economist
To the extent that one thinks a middle class is associated with middle-skill employment opportunities, this chart suggests that pressures on the middle class exist across the rich world and are likely to do technological change. In particular, Mr Autor has emphasised the difference between routine and non-routine tasks. Many middle-skill positions—like factor line worker or back office clerk—are of the routine sort that can easily be either offshored or replaced by robot or computer programme. At either end of the skill spectrum, however, are a range of non-routine tasks—like design (at the high-skill end) or janitorial (low-skill) work. Employment opportunities for these positions have risen.
middleclass  free-trade  manufacturing  economist  sidebar 
march 2011 by HispanicPundit
Super-Economy: Are we worse off than in 1973?
I find a mixed picture, but also pretty strong arguments that "ordinary people are worse off than 1973" is not quite true. In particular, I want to warn people that the BLS median hourly wage figure is not the only measure of income, and likely not the best. It would be more fair to say that ordinary people are worse off compared to what they had a right to expect. They are perhaps also worse off compared to what alternative economic policies would have resulted in, most obvious being a high-wage policy which limits unskilled immigration.
economic-stagnation  university  middleclass  cowen  SuperEconomy  sidebar 
february 2011 by HispanicPundit
TheMoneyIllusion » The typical rich family is a cop married to a nurse
Why do people find it surprising that so few families make more than $150,000? I think I know, because I used to be surprised myself. Then I realized my mistake. I was assuming “families” were people like me, a middle age guy with a working wife and kids. But then I realized a “family” is any adult household. My first 8 years as an adult I was living on my own, supporting myself with part time work will going to college and grad school. Definitely bottom quintile. I was probably technically “poor,” but not poor in a sociological sense. I was a proto-upper middle class guy. Then I spent one year in the second quintile, before shooting into the third quintile, where I stayed for a number of years. Then I got married, then I got lots of raises and promotions, and presto, I’m rich. (Although my neighbors would laugh, they look down on us plebs living in two-family houses.)
middleclass  Sumner  sidebar 
january 2011 by HispanicPundit
Yglesias » Gender and the Service Economy
The fact of the matter is that the long-term trend in US manufacturing output is up even as the trend in employment is down. And that’s precisely because greedy for-profit firms don’t like to hire lots and lots of people for high-wage labor-intensive work. So over time, they’ve gotten better and better at replacing people with machines. The edge Chinese workers have over Americans is that they’re so cheap (so far) that they’re not worth replacing with machines. But their time will come, and the future of mid-skill employment will necessarily entail a loto fo work in human service fields where demand is growing and automation hasn’t made much progress.
manufacturing  china  middleclass  wages  free-trade  heterdox  yglesias  sidebar 
january 2011 by HispanicPundit
Yglesias » Who Hoovers Whom?
I think what Kevin’s story keeps missing is a plausible causal account of how a tiny number of financiers have been able to hoover up money from the median wage earner. I can tell you a story about how a tiny number of financiers have been able to hoover up money from the executives of rival financial institutions as deregulation has led to consolidation of the industry. I can tell you a story about how a tiny number of financiers have been able to hoover up money from the broad class of rich people in the 80th-99th percentile who own the bulk of the financial assets in the country by swindling them. I can tell you a story about how a tiny number of financiers have been able to hoover up money from the broad class of rich people via the income tax and “bailouts.”

But the median wage earner seems harder to me. Especially because they somehow got to the median German wage earner, but not to the median Chinese wage earner.
inequality  middleclass  drum  yglesias  sidebar 
january 2011 by HispanicPundit
Marginal Revolution: Have the rich caused middle class wage stagnation?
First, money matters in the short-run most of all. Tight money (unless maybe it is radical deflation, but even then the U.S. resumed growth out of the GD fairly quickly and furthermore the median worker was not unemployed) is not a plausible cause of median income stagnation over decades. The link between trade and wage stagnation does not find support in the data. Deregulation hurt the wages of air traffic controllers, but how many other groups? Enough to shift the median? Stagnation in the real minimum wage shouldn't much hurt median wage growth over a forty year period. Unions fell mostly because of the shift to services, and furthermore the "union wage premium" in the data is a one-time ten to fifteen percent gap, not an ongoing change in rates over decades, and it is reaped by some not all workers.
inequality  wages  middleclass  free-trade  minimum-wage  unions  yglesias  drum  cowen  sidebar 
january 2011 by HispanicPundit
Stop Punking the Middle Class | FrumForum
What I do disagree with is the contention that the middle class is in crisis. And I think that it’s bad to believe (and assert for mass audiences) that that’s true because it hurts consumer sentiment, prolonging high unemployment, and diverts attention from the truly disadvantaged who really are in crisis. Mike can say that that pits me against the middle class (his post was titled, “Scott Winship versus the Middle Class”), but then let me ask Mike and others who would disagree with me a simple question: Why do you think Americans are deluded about their economic conditions, since in June, 7 in 10 American adults said their “current household financial situation” is better than “most” Americans’ (Q.25, disclosure: the poll was commissioned by my old employer)? Why are you against the middle class?
middleclass  FrumForum  sidebar 
december 2010 by HispanicPundit
Do Tax Cuts for the Wealthy Create Jobs? - Megan McArdle - Business - The Atlantic
"It's true that there is some differential effect. But most of that figure is not driven by the fact that wealthy save their tax cuts, while the middle class spend them; it's driven by the fact that the tax cuts for incomes below $250,000 are much larger, in terms of the federal budget, than tax cuts for higher incomes.

According to CNN, the two-year cost of the tax cuts for high earners will be about $75 billion, while the estimated cost of the cuts for incomes below $250,000 is about $310 billion, or four times larger. In other words, in the "high estimate" world, a $300 billion stimulus composed only of tax cuts on income above $250,000 would reduce unemployment by 40 basis points, while one of a similar size composed entirely of tax cuts on income below that level would lower it by about 50 basis points. That isn't nothing, but it isn't a particularly large difference in effectiveness, either. "
tax-cuts  wages  corporate  middleclass  cbo  mcardle  sidebar 
december 2010 by HispanicPundit
CARPE DIEM: How Media Misuse Income Data
"The reason for the large discrepancy between growth rate trends in household income and growth rate trends in individual income is very straightforward: The number of persons per household has been declining over the years "
wages  standardofliving  middleclass  Sowell  perry  sidebar 
january 2010 by HispanicPundit
Ezra Klein - Klein smackdown watch: health-care and wages
Health care costs are not everything to wages - but they are an important factor.
wages  healthcare  middleclass  klein  sidebar 
january 2010 by HispanicPundit
CARPE DIEM: Forget Everything You've Heard in the Media About Income Inequality and Income Mobility
"n other words, almost everything we hear in the media about increasing income inequality, the disappearing middle class, the rich getting richer and the poor getting poorer, and the lack of income mobility is either flawed, deficient, incorrect, incomplete or wrong. "
inequality  mobility  middleclass  perry  sidebar 
september 2009 by HispanicPundit
Touristic Bias: Why Americans Overrate Europe, and Europeans Underrate America, Bryan Caplan | EconLog | Library of Economics and Liberty
"But almost no one in Europe lives in places as comfortable and convenient as American suburbs: The houses are spacious, the cars are huge, cheap Big Box stores and chain restaurants are nearby, and (to quote South Park) there's "ample parking day or night." Europeans can learn a lot more about the American psyche with a visit to a random CostCo than a visit to the Guggenheim."
europe  usa  middleclass  caplan  sidebar 
august 2009 by HispanicPundit
CARPE DIEM: Lou Dobbs Is Right: America's Middle Class Really IS Disappearing, They're Moving To Upper-Income
More than 30% of U.S. households in 2006 earned above $75K compared to under 20% in 1980. Over the same period, the percentage of U.S. households earning under $35K fell from 42.8% to 36.7%. Fewer households are poor, fewer are middle class, and a hunk more are above $75K
middleclass  perry  sidebar 
august 2009 by HispanicPundit
Cafe Hayek: Absolute mobility, quantified
"Just don't tell me that people in the bottom 40% haven't received any of the economic gains of the last 30 years:"
mobility  middleclass  roberts  sidebar 
june 2009 by HispanicPundit
Ezra Klein - Blogging the CEA Health Care Report: Why Workers Aren't Angrier About Health Care
"...most workers think stagnant wages mean their employer is paying them less. They don't know that the main reason for stagnant wages is that their wage increases are going to pay for their health insurance premiums. If they did"
wages  middleclass  healthcare  klein  sidebar 
june 2009 by HispanicPundit
The Middle Class and the War on Democracy - Megan McArdle
The incentives of the middle class are not aligned with the incentives of the poor - and how that comes to the forefront in democracies.
poverty  democracy  middleclass  foreignpolicy  mcardle  sidebar 
may 2009 by HispanicPundit
CARPE DIEM: Real Earnings Increase in December By 2.9%
"the BLS reported today that real average weekly earnings increased in December 2008 by 2.9% compared to December 2007. This follows a 2.25% increase in November earnings, and the 2.9% December increase represents the second largest increase in real earnings in more than ten years"
wages  middleclass  perry  sidebar 
january 2009 by HispanicPundit
Greg Mankiw's Blog: How is the middle class doing?
The middle class is doing alot better than you might have been told.
middleclass  mankiw  sidebar 
november 2008 by HispanicPundit
Marginal Revolution: Where has all the income gone?
"After adjusting the Census data for these three issues, inflation-adjusted median household income for most household types is seen to have increased by 44 percent to 62 percent from 1976 to 2006."
wages  middleclass  cowen  sidebar 
november 2008 by HispanicPundit
CARPE DIEM: U.S. Household Net Worth Up By 43% Since 2002
"compared to 2002, U.S. household net worth has increased by almost $17 trillion, or by almost 43% in the last six years."
wages  middleclass  perry  sidebar 
september 2008 by HispanicPundit
New Evidence on Taxes and Income - WSJ.com
Laffer on rising wages, income mobility, and the Reagan vs Clinton years.
Reagan  Clinton  wages  middleclass  mobility  campaign2008  Laffer  sidebar 
september 2008 by HispanicPundit
CARPE DIEM: Counting Fringe Benefits, Average Hourly Worker Compensation Is 9% Higher Today Than In 2000
"after taking into account fringe benefits, the average worker is 9% better off today in real terms than in 2000, even though the Census data shows a slight decline in real median household income since 2000."
wages  middleclass  perry  sidebar 
september 2008 by HispanicPundit
CARPE DIEM: Rising Income Inequality is Between Middle & Top
"the higher income quintiles are getting richer because they're working harder, and the lower and middle income quintiles are doing about the same, even though they're less likely to work long hours."
middleclass  inequality  perry  sidebar 
september 2008 by HispanicPundit
CARPE DIEM: Adjusted for Household Size, Real Income Reached An All-Time High in 2007, +66% Higher Than 1967
"A comparison of real median income in 1967 of $38,771 per household to income of $50,233 per household in 2007 (29.6% higher) doesn't take into account the significant 22% decline in average household size over this period, from 3.28 persons per household in 1967 to an all-time low of 2.56 persons per household in 2007 "
wages  middleclass  perry  sidebar 
august 2008 by HispanicPundit
CARPE DIEM: Houston: A Deregulated, Free Market City That is Middle-Class Friendly
How environmental regulations harm the middle class looking to buy a home. A contrast between New York and Houston.
environmentalism  regulations  middleclass  real-estate  perry  sidebar 
july 2008 by HispanicPundit
CARPE DIEM: How Are We Doing? Pretty Good Actually!
The American economy is in a rough patch. But the long-term trends are good—and there is a price to economic pessimism.
standardofliving  middleclass  economy  perry  sidebar 
july 2008 by HispanicPundit
CARPE DIEM: Middle-Income Tax Burden: Lowst Level in Decades
The CBO analysis shows that the 2001 and 2003 tax cuts have lowered the effective tax burden on middle income taxpayers to the lowest levels since at least the late 1970s.
taxes  middleclass  cbo  perry  sidebar 
july 2008 by HispanicPundit
Megan McArdle (May 09, 2008) - Debt burden
"The percentage of people who had negative net worth was about the same in 1962 as it was in 2000, the latest census year."
middleclass  books  klein  McArdle  sidebar 
june 2008 by HispanicPundit
Megan McArdle (May 07, 2008) - The Death of the Middle Class, Myth #2: Drowning in Debt
"Americans are simply not being bankrupted by their credit cards and mortgages. 2% of my income is a lot--I sure wouldn't want to have to write that kind of check out for no reason. But it wouldn't push me into bankruptcy, or even out of the middle class.
middleclass  books  McArdle  sidebar 
june 2008 by HispanicPundit
Megan McArdle (May 07, 2008) - The Death of the Middle Class, Myth #1: No one can afford to save any more
"The asset model is a standard explanation that pretty much any economist in the country could give you; either Elizabeth Warren didn't ask any, or she ignored what they said."
middleclass  liberalism  books  McArdle  sidebar 
june 2008 by HispanicPundit
Megan McArdle (May 07, 2008) - Is the middle class really doomed?
An economist responds to Elizabeth Warren's hyperbole on the 'disappearing middle-class' and other fantasies of the left.
middleclass  finance  books  McArdle  sidebar 
june 2008 by HispanicPundit

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