Thursday, January 10, 2008

Another Reason to be Happy and Optimistic

It seems, counter to what many would claim, wealth in this country is growing, not decreasing; and despite the proclamations of Lou Dobbs and the like, the middle class is doing quite well.

Just read at this quote from Walter Williams:

"Controlling for inflation, in 1967, 8 percent of households had an annual income of $75,000 and up; in 2003, more than 26 percent did. In 1967, 17 percent of households had a $50,000 to $75,000 income; in 2003, it was 18 percent. In 1967, 22 percent of households were in the $35,000 to $50,000 income group; by 2003, it had fallen to 15 percent. During the same period, the $15,000 to $35,000 category fell from 31 percent to 25 percent, and the under $15,000 category fell from 21 percent to 16 percent. The only reasonable conclusion from this evidence is that if the middle class is disappearing, it's doing so by swelling the ranks of the upper classes."

I found this at Café Hayek.

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