Interesting from @jburnmurdoch.bsky.social. But note he says nothing about wealth inequality (this is all about income). The long-term story is of the proletarianization of the middle class (at a time when "working-class" as a media signifier excludes them and the chatter lumps them with "elites").
Comments
But:
• Wages also very salient, as we see the numbers a lot more often
• Like income, huge rise in concern about inequality in last 15 years but no increase in wealth inequality over same period
It depends a bit on how you conceive of wealth, though.
https://www.amazon.se/-/en/Daniel-Waldenstr%C3%B6m/dp/1509557784
And to reiterate, I think wealth inequality is *massively* important!
I just think wage inequality is worth exploring too, especially vis a vis perceived change in status of the middle class.
Compare to the 80's, the increase of wealth's inequality is huge.
Asking for a "friend" doing a dissertation...
average vs median wages
or/and
mean vs median presonal income
[see below via ssa and fed]
So: hard to believe @jburnmurdoch.bsky.social ´s claim.
If we exclude women long term - see below, if we compare assets (houses) to median - see below, 1% to all (which drives average!) - see below
So - what was the question to be solved?
The article ended on a good note IMO: "The gap between the richest and poorest may not be widening, but it is not irrational for the middle classes to feel their position in society is in decline."
I was talking with someone on Reddit about this. Got lots of downvotes for pointing out inequality, as you'd expect on an econ subreddit, but was surprised to discover this. What do you think?
https://fred.stlouisfed.org/graph/?g=1CpSu