Except people don’t stay in the same quintiles all their working lives. They usually progress. That means most of the people who were in a lower quintile progress to the next quintile. In short, they get richer. Sorry pal, Marxism is still a rotten economic theory. But if your Fearless Leader Obama and others like him keep getting voted in as president, total destruction of all wealth is assured.
Ok, that doesn’t address the problem at all.
Link to the original report (so when don’t have to click through at Hugh’s blog page):
http://www.census.gov/prod/2012pubs/p60-243.pdf
So, what this chart is really showing is that the baby-boomers have progressed to the top of their pay scales as they near retirement?
Would that mean that the chart will start to go down again as the boomers leave the job market, and those behind them find fewer jobs with lower pay limits?
-PJ