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Willisms

« Wednesday Caption Contest: Part 75 | WILLisms.com | Trivia Tidbit Of The Day: Part 358 -- Religion & Civic Engagement. »

Trivia Tidbit Of The Day: Part 357 -- The Underrated American Economy.

America Remains A Nation Of Upward Mobility-

Over the past ten or so years, our economy has experienced immense productivity gains. While some people fret about productivity increases leading to machines taking away human American jobs, the reality is that our productivity gains tend to boost our national standard of living. Indeed, productivity and compensation track remarkably closely together:

productivitycompensation.gif

Sometimes the positive consequences of productivity growth do not manifest themselves in the immediate short term, but give it a little time and compensation will catch up.

That's where we are now. The catch up phase. Productivity has exploded in recent years, and worker pay/benefits are now rising to match that growth.

This good news phenomenon is putting to bed one of the last remaining arguments the nay-sayers have been able to use to pooh pooh the American economy.

Even better, America's growing prosperity is benefiting everyone, not merely the wealthy. In fact, America's economic prosperity is changing the very definition of wealthy:

morewealthypeople.gif
Between 1979 and 2004, the proportion of American households with infla­tion-adjusted incomes below $75,000 fell by 10.1 percentage points, with the largest drop coming in the number of households earning less than $35,000. The proportion of those earning more than $75,000 rose by the same amount, with most of the gain coming from an increase in the propor­tion of households earning more than $100,000 per year. Far from benefiting only a fortunate few, America’s economic engine has raised standards of living for tens of millions of Americans.

In other words, the very concept of "the rich" is becoming obsolete, as more average, every day Americans now find themselves in that category.

For more great news about our underrated economy, complete with many more charts and graphs, see the research found here: "Shared Prosperity: Debunking Pessimistic Claims About Wages, Profits, and Wealth."


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Previous Trivia Tidbit: State Tax Revenues Are Up.

Posted by Will Franklin · 18 October 2006 05:14 PM

Comments

..with the largest drop coming in the number of households earning less than $35,000.

Shouldn't entitlement spending follow this path too?

Posted by: snowballs at October 21, 2006 03:04 PM