During his economic speech at Knox College, President Obama stated,
“The link between higher productivity and people’s wages and salaries
was severed – the income of the top 1 percent nearly quadrupled from
1979 to 2007, while the typical family’s barely budged.”
In other words, America’s three-decade, pro-market shift helped only the rich. Sorry, middle-class families.
But this is certainly wrong.
1. As I have written, the typical family’s income didn’t “barely budge.” This is a point the Washington Post’s Dylan Matthews also explains:
http://www.aei-ideas.org/2013/07/obamas-fac-challenged-inequality-speech/
In other words, America’s three-decade, pro-market shift helped only the rich. Sorry, middle-class families.
But this is certainly wrong.
1. As I have written, the typical family’s income didn’t “barely budge.” This is a point the Washington Post’s Dylan Matthews also explains:
The CBO finds that, before taking taxes and transfers (like Social Security or the Earned Income Tax Credit) into account, real median household incomes grew 19.9 percent between 1979 and 2007; after taking transfers but not taxes into account, they grew 30 percent; and after taxes, they grew 38.2 percent … real median household incomes in America are growing, and it’s inaccurate of Obama to suggest otherwise.
http://www.aei-ideas.org/2013/07/obamas-fac-challenged-inequality-speech/
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