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THE TRUTH ABOUT INCOME INEQUALITY

One of the misconceptions in the media is that the “rich are getting richer and the poor are getting poorer”. This is often cited as a reason to introduce socialist policies promoting “income redistribution”. The following graph illustrates the truth of the matter. The chart is in “constant 1990 dollars” adjusted for inflation. The middle class is shrinking but the poor are not increasing.

Distribution of Family Income

For a detailed (and brilliant) analysis, see the paper published at Center of the American Experiment.

For a more entertaining way to understand this issue. See Richard Epstein explain it in the following video.

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