Courtesy of Mish.
Some interesting charts came my way today regarding the income inequality debate.
Let’s start with some charts, then explore the meme of the day that rising income inequality is behind “secular stagnation”.
I challenge economists Brad DeLong, Larry Summers, Ben Bernanke, Paul Krugman, Steve Keen, Michael Pettis, Albert Edwards (and anyone else), to respond to this post.
The Financial Times article US’s flawed economic recovery divides Trump and Obama supporters has a pair of interesting charts on income growth and income inequality. Here is the first.
Income Growth
That is an interesting, albeit extremely biased chart. Had the chart broken out the top .01% instead, it is highly likely even the top 1% might have looked weak by comparison.
Of course the bulk of the gains went to the top 1%, as it should be. Were they supposed to go to zero-skilled teenagers removing baskets from automated fryers at McDonald’s?
Real Household Income
