The Rich Failing to Get Richer but the Poor ?
One longstanding and popular, even appealing and logical sounding to many, myth is that some immutable law means that the rich get ever richer while the poor get poorer. While the evidence has, for some 500 years or more, suggested that this is likely to be cute but wrong, the appealing doomsday characteristics of this tale has led to its continued popularity.
The last 8 years or so have shown that for the US at least, a more balanced state of affairs seems to exist in respect of growth.
The rate of growth in median income for the poorest quartile in the US is now just on twice that of the the rate experienced by the richest. Back in 2017 the numbers were similar across the divide, while in 2013 growth rates favoured the rich. As ever seems to be the case the melodramatic is trumped by observed data. For those in the poorest quartile that is good news just as it may be bad news for the attention seekers in so many media.
Eye2theLongRun 