Monday, September 15, 2008

It wasn't just the Rich that got Richer

Good news, from the WSJ: "In 2007, overall real median family income increased to $50,233, up $600 from 2006. The real median income for intact families -- mother and father in the home -- rose to $78,000, an all-time high."

Of course it's probably not something you'll be hearing about particularly with the meltdown today in the financial markets. On that note, it's sort of sad to see two storied financial institutions disappear, but I think the US government finally did the right thing. In recent years the media has been spinning a tale of woe that the economy hasn't been "fair" rewarding the rich over the poor but as the editorial notes, there has been a 25% improvement since 1983 in the living standards of the bottom quintile of Americans. This in itself should be remarkable and celebrated - just don't expect to see those headlines in your paper any time soon (unless you subscribe to the WSJ).

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