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Willisms

« Quotational Therapy: Part 114 -- Milton Friedman. | WILLisms.com | The Neverending Weblog Award Vote. »

Trivia Tidbit Of The Day: Part 383 -- More On America's Middle Class.

It's Getting Better All The Time-

Several blogs today linked a piece by Diana Furchtgott-Roth, "Richer Than You Think."

Here's one of the highlights:

...over the past 25 years, more families have moved to upper-income brackets. In 2004, the latest year for which we have comparable information, 34% of families made over $75,000. But in 1979, only 21% did so, after adjusting for inflation. And we now have fewer families in lower-income brackets. Only 46% of families made less than $50,000 in 2004, compared with 54% of families in 1979. The stagnant real median family income that is supposedly the reason for last month's Democratic victory is not so sluggish after all. Real median family income was $54,000 in 2004. After inflation, that's 11% higher than in 1994, 18% higher than in 1984, 25% higher than in 1974, and 59% higher than in 1964.

Fantastic. Again, to the extent that the "middle class is disappearing," it's that it is moving upward.

Here's a graphic to illustrate the phenomenon:

disappearingmiddleclass.gif

This is even more noteworthy, given that the tax burden is now lower and families are smaller than in 1979. There is simply no good reason, other than fear itself (of globalization), to allow populism and protectionism to reign in America.

-------------------------------------

Previous Trivia Tidbit: Europe & Poverty.

Posted by Will Franklin · 11 December 2006 07:34 PM

Comments

What's the breakdown of a "median family"?

One income? Two Income?

1979 there were far more One Income Families than today so that skews the "median" I am sure.

$50k for a Two Income family is still only $25k a piece, not really anything to call home about.

---

There are three kinds of lies: lies, damned lies, and statistics. - Mark Twain

Posted by: FreeRepublicans.com at December 12, 2006 12:33 AM