Correction, Please!
New Wealth Tax Won’t Foil the Bogeyman of Rising “Income Inequality”
Item: Among several stories deploring growth of income inequality, CNN carried a September 10 article entitled “US income growth stalled in 2018, Census says.” Reported CNN: “Median US household income stayed essentially flat in 2018 at $63,200, breaking a three-year streak of increases, according to data released by the Census Bureau on Tuesday…. Median income in 2018 was not statistically different than in 2007 or in 1999, which was the high point.”
Item: After the Census data were reported, the Washington Post for September 10 similarly said that “the gap between the rich and poor has grown.” The left-wing paper said: “‘Median household income today is right where it was in 1999. We’ve seen two decades with no progress for the middle class,’ said University of Michigan economics professor Justin Wolfers. ‘The economy is producing more than before, but the gains aren’t being shared equally.’”
(By the way, the professor cited above, Justin Wolfers, has also declared that the “biggest risk to the American economy is Trump in the White House”; see CBNC video, for example, February 15, 2019.)
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