Wednesday, December 28, 2005
The Daily Kos has an interesting post, Feeding the Minimum Wage Debate: Some Graphs on Income Inequality:
Once upon a time, the US economy grew and everybody shared the fruits of that growth...That changed around the time an actor got elected to the White House and unleashed a wave of "freedom" to make more money. Some did. The tax system, which might have been used to redistribute that wealth around somewhat, only makes things worse nowadays. In recent years, median income (i.e. half earn more and half earn less; in an unequal economy, median wages are lower than the average) has stagnated (because of inflation), except in the boom years of the second Clinton mandate. And ever since, the situation has been really bad, with the Bush recession being by far the worst on record as far as income and wages are concerned. Inequality has been rising for the past 25 years, and is getting worse. It's time to take care of the lower incomes and not of the higher income groups. An increase in the minimum wage would be a reasonable start.
Among the graphs used to ilustrate the post is this one:
(Hat Tip: Stuart Levine.)