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Monday, November 28, 2011

More media myths shattered: #OWS 'income inequality' scam exposed

Democrats, the media and Marxists hardest hit. But I repeat myself. Jim Pethokoukis explains:

The core argument of the Occupy movement and its Obamacrat friends is this: The rich stole all the money. That explains why over the past four decades, the income of the broad American middle class supposedly has stagnated even as the economy expanded. Why? Did you forget already? The rich stole all the money. And now it’s time to take it back...

...From 1975-2009, real per capita GDP increased by 90 percent vs. 17 percent growth in real median household income, as measured by the Census Bureau. What happened? Again, the rich stole all the money. Yet if you make a couple simple adjustment for household size and a more accurate inflation measure, a different picture emerges, as Sanandaji illustrates:

Let’s sum up. Income inequality may have increased in recent decades, but a stagnating middle class has not been the result. And the 1 percent didn’t steal all the money.

This is but a snippet. Read the whole thing.


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