Who should be surprised that 60-year-olds have higher incomes and more wealth than 30-year-olds?Īnonymous 06/11/22(Sat)14:44:52 No. But these abstract categories do not contain the same people over time.īehind both the statistics on inequality that are spotlighted and the statistics on ever-changing personal incomes that are ignored is the simple fact that people just starting out in their careers usually do not make as much money as they will later, after they have had years of experience. So long as all incomes are not identical, there will always be top and bottom 10 percents or 20 percents or any other percents. They are talking about abstract categories like the top or bottom 10 percent or 20 percent of families or households. Perhaps the intelligentsia and the politicians have been too busy waxing indignant to be bothered by anything so mundane as facts.Īlarmists are not talking about real flesh and blood people. But such people constitute less than one percent of the American population, according to data published by the Federal Reserve Bank of Dallas in its 1995 annual report. There are of course some people who remain permanently in the bottom 20 percent.
Most of those who are called “the rich” are just middle-class people whose taxes the politicians avoid cutting by giving them that name.
At different times, they are both “rich” and “poor” - as these terms are recklessly thrown around in the media. Most Americans don’t stay put in any income bracket. as-sowell-on-perennial-economic-fal lacies-about-income/Īn absolute majority of the people who were in the bottom 20 percent in 1975 have also been in the top 20 percent at some time since then. Track the same people over time instead of abstract groups
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