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Politics : Mainstream Politics and Economics
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To: Sun Tzu who wrote (21431)7/31/2012 2:00:08 PM
From: TimF  Read Replies (1) of 85487
 
The households in the top 1 percent had reduced income during the recession.

The top 1% now is not the same as the top 1% then. ("Politicians and media talking heads love to refer to people who are in the bottom 20% in income in a given year as "the poor." But, following the same individuals for 10 or 15 years usually shows the great majority of those individuals moving into higher income brackets. ")

Households generally have had their income go up since 1984. And that's even avoiding the adjustment for the fact that households are smaller now than they where then.

Edit - Also this income calculation, does not include a number of forms of income, obviously anything off the books, but also it doesn't include government benefits.

Look at household expenditure data and you get a more accurate impression of low income households.
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