American Gerontocracy

Generational Warfare In Our Time

Class Warfare Is A Myth

Here’s a great article on the myth of class warfare in America. While the media loves to position this election as a classic struggle between rich and poor, haves and have-nots, McCain Republicans versus Obama Democrats, the demographics show a far different reality.

“First, we can easily dismiss the notion that the poor are getting poorer. All the Census Bureau tells us is that the share of the pie consumed by the poor has been shrinking (to 3.4% in 2006 from 4.1% in 1970). But the “pie” has grown enormously. This year’s real GDP of $14 trillion is three times that of 1970. So the absolute size of the slice received by the bottom 20% has increased to $476 billion from $181 billion. Allowing for population growth shows that the average income of people at the bottom of the income distribution has risen 36%.”

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March 25, 2008 - Posted by | Uncategorized

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