$90,000,000.00
laughable to think of certain SED regulars who brag about how much money they make.
but there are, year by year, fewer and fewer "terribly poor people". There are more and more people who, if they avoid crime and divorce and aren't born to single parents, will experience a mostly comfortable life with the odd pang.
They can't afford doctors, but that's what we get for thinking medicine was free. Nobody will be able to afford them, soon enough.
As James Arthur pointed out recently, the median US
It's nothing of the sort. Government spending does not* crowd out private spending, and wealth at the top of the curve does not crowd out median income. You can select multiple spans of years where the median and top were dis-correlated, correlated, anti-correlated...
*except under very significant other constraints.It might make some people unhappy ( we're evolved to be this way ( concerned about inequality ) , and it takes a quantum of being reasonable to realize it's only that ). But it's still incorrect.
The problem is that *GDP growth is declining*. Probably because of political expression of the fear of inflation. Maybe not; simply noting that the Fed can make small mistakes that are significantly amplified might be enough.
Since declining GDP growth makes things more zero sum, then yeah - it's more accurate to think in terms of zero sum, but the overall *game* isn't zero sum. This is, presumably, still a temporary thing.
There isn't a *mechanism* that can be shown to cause grief for people in the middle when higher incomes rise.
The best guess I've seen for "why is the middle getting squeezed" is pretty technical. Scott Sumner writes about it quite a bit.
That can't be shown, either. Look, I am sympathetic to people trying to use these tools to diagnose society's ills, but it just doesn't hold up very well. It's worn out old 19th Century Progressive schlock. The 19th century people are to be forgiven; they didn't have the mathematical tools to understand it.
We don't have that excuse.
The "unfair advantage" being exploited is generally behaving in a manner consistent with meritocracy.