Class warfare and redistribution, by contrast, are not effective. Such policies are based on the fallacy that the economy is a fixed pie, and proponents of this view fixate on inequality because they mistakenly believe that additional income for the rich means less income for the poor.
Today, let’s look at some numbers that prove that a fixation on inequality is misguided. The Census Bureau this week released its annual report on Income and Poverty in the United States. That publication includes data (Table A-2) showing annual inflation-adjusted earnings by income quintile between 1967-2017.
To see if my left-leaning friends are right about the rich getting richer at the expense of the poor, I calculated the annual percent change for each quintile. Lo and behold, the data actually show…
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