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Economist Thomas Sowell talks about this at length in his book economic facts as fallacies. He points out its foolish to make policy decisions based on what % o
by zorse 13y ago
Economist Thomas Sowell talks about this at length in his book economic facts as fallacies. He points out its foolish to make policy decisions based on what % of the national income each economic quintile made, because the people within those quintiles are constantly moving from one to another.
A person who made 500k/year for 40 years drops down into the lowest quintile when retired, though that person is by no means poor.
- friendcomputer 13y agoYeah, this is not news to anyone who looks beyond the surface level income figures. Unfortunately, journalists fail us comprehensively in this regard. It's a shame because there are some very interesting things to talk about once you look at lifetime gross income and the trajectory people take through life.