In my first blog post, I committed to refrain from controversial subjects. “So what is with the income inequality title?” you say – sounds fairly controversial, right? Read on.
Last week I wrote about the dismal science of economics. One of my favorite economic blogs is Carpe Diem, written by Mark J. Perry. Mr. Perry is currently a scholar at AEI and a professor of economics and finance at the University of Michigan’s Flint campus.
Recently, the Census Bureau released its annual report, “Income and Poverty in the United States.” Based on this report, Mr. Perry has compiled a very compelling chart of income quintiles with commentary that is worthy of your time. His post was dated September 15, 2017, and is titled, “Explaining US Income Inequality by Household Demographics, 2016 Edition.”
Please go and take a look, just don’t forget to come back! There is a lot there to absorb, but the chart really tells the story and sheds a new light on the subject. Here is the link: https://www.aei.org/publication/explaining-us-income-inequality-by-household-demographics-2016-edition/
Well, what do you think? Remember, this was compiled from Census Bureau data. What is especially enlightening to me is the Thomas Sowell quote from his March 2013 syndicated column, “Economic Mobility.”
As I said in my first post, when we find information that is not widely known but important for your financial “wellbeing,” I will share it. It is up to you to pass it along by referring others to my blog.
Until next time, cheers!