Posted by: Dirk | February 20, 2015

Just one graph: Growth in Real Average Income for the Bottom 90%, 1950-2013

figure 1-6
Source: Economic Report of the President, 2015


Responses

  1. Base of 1950 for everyone except U.S. was very low income.
    With Europe and Asia a mess US workers did OK.
    Then the gravy train ended. Now it is ending for others.
    Make 1975 = 100 and you get flat lines.
    As a left leaning centrist that believes in cost effectiveness
    I get tired of both sides using correct data to communicate
    untruths. I did add the graph to the other data in the chapter on
    distributing data in my Internet Economics Notes.

    Calculate 1975 prices of the consumer goods needed to do all the functions done by a smart phone. Then divide by a useful life of 10 years and add it to income. Line will look much better. Of course carrying around a TV in those days would be difficult. Now add the value of curing childhood diseases to income and peace in most of Europe and …


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