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re: Interesting Chart on Income Adjusted for Inflation since 70's
Posted on 10/3/14 at 12:37 pm to Joshjrn
Posted on 10/3/14 at 12:37 pm to Joshjrn
quote:
You're telling me that the (statistically) most intelligent, most driven, highest educated, most socially connected class of individuals are having their income increase at a rate higher than the (statistically) least intelligent, least driven, lowest educated, least socially connected class of individuals?
Quibble corrected. This data doesn't track individuals, who jump between classes like crazy.
It also assumes a constant household composition, if it is to have any meaning. Which is a known bad assumption.
It also uses a measure that overestimates inflation, making both the lower and upper classes' income growth look flatter than they are. Additionally, it makes no comparison of standard of living changes over time.
Oh and one more thing, this doesn't measure the actual resources these classes get to take home. These numbers are pre-tax, pre-transfer.
This post was edited on 10/3/14 at 12:39 pm
2
Posted on 10/3/14 at 12:53 pm to 90proofprofessional
quote:
90proofprofessional
Reminds me of a Politics of Poverty class I made the mistake of taking in undergrad. Prof used income rates to argue for why we should be giving more in public assistance (that those income levels aren't capable of supporting a family). She conveniently ignored current levels of assistance. So, by her logic, you could give someone $1,000,000 per year in support, but they would still be "poor" when looking at their level of income, so we should give more
Posted on 10/3/14 at 3:12 pm to 90proofprofessional
quote:Well, it's NPR, so.
This data doesn't track individuals, who jump between classes like crazy.
It also assumes a constant household composition ... a known bad assumption.
It also uses a measure that overestimates inflation ...
it makes no comparison of standard of living changes over time ...
doesn't measure the actual resources these classes get to take home. These numbers are pre-tax, pre-transfer.
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