Income Inequality, Education, and Work
Paul Krugman (at http://uberdionysus.livejournal.com/298254.html)discussing income inequality as it is understood by our new Federal Reserve Board Chairman Bernanke, says “income at the 99th percentile rose 87 percent; income at the 99.9th percentile rose 181 percent; and income at the 99.99th percentile rose 497 percent. No, that’s not a misprint.Just to give you a sense of who we’re talking about: the nonpartisan Tax Policy Center estimates that this year the 99th percentile will correspond to an income of $402,306, and the 99.9th percentile to an income of $1,672,726.The center doesn’t give a number for the 99.99th percentile, but it’s probably well over $6 million a year.
Why would someone as smart and well informed as Mr. Bernanke get the nature of growing inequality wrong?Because the fallacy he fell into tends to dominate polite discussion about income trends, not because it’s true, but because it’s comforting.”
I used to work for an agency that […]
Original post by urbansocrates
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