2 ms·
Is the article saying "average" as in mean or median? It's hard for me to imagine that the mean would be particularly meaningful, since the wealthiest people no
by saghm 3y ago
Is the article saying "average" as in mean or median? It's hard for me to imagine that the mean would be particularly meaningful, since the wealthiest people not spending billions of dollars per year seems like it would offset an enormous chunk of people with no savings whatsoever, but it's also hard for me to imagine that a statistic from a publication not making the distinction explicit would be both competent enough to know which to use and unscrupulous enough not to try to exploit the ambiguity. If this is the median, I'd be similarly curious to you, but if it's the mean, I don't feel like I know the total sum of all incomes in the US with high enough precision to gauge whether 16% is more or less reasonable than 6% or 26%.
- spullara 3y agoFor government statistics it is almost always median. Means are really bad in economics discussions as you point out.