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Sunday, April 3, 2011

Two Numbers To Get Your Attention

Robert Frank is an economist at Cornell University. He has an observation in today's New York Times that should capture your attention. Here is what he has to say; "From 1950 to 1970, incomes grew rapidly and at about the same rate-almost 3% annually, on average-for families at all income levels. From 1970 to 2000, however, that pattern changed sharply. Incomes of the top 1% grew more than threefold, while median house-hold income grew less than 15%."

Let me repeat that. From 1970 to 2000,

The incomes of the richest 1% of Americans grew 300%!

The incomes of everyone else grew 15%.

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