The whole “rich get richer” argument is spurious. It’s not as if we split the population into 3 parts—rich, middle class, and poor, and then keep track of the original people in the groups. People move easily from one group to the next. I was very poor when I was young, was moderately middle class in my twenties, and probably made it into what the statisticians call “rich” by my late thirties. Now I am old and retired, my daughter wants a big wedding, and pretty soon I will be back to being poor. :)
I normally make that point but forgot too today.
Agreed. It how someone parses the data.
It turns out that aside from pension plans, few Americans own stocks or mutual funds. Hence, those who hold stocks or MFs will be wealthier if the stock market has risen. On the flipside, those that don’t are relatively worse off.
Then there is wage versus non-wage income, etc. So, it isn’t that the poor are getting poorer, its just that capitalists are getting relatively wealthier.
The Dems in Congress (most of whom are wealthy) would to “level the playing field.” Which is DemSpeak for crushing the economy.
“Now I am old and retired, my daughter wants a big wedding, and pretty soon I will be back to being poor. :)”
I could always elope, if that’s what you want ...
:-P