A common liberal argument aimed at America's free market economy and reinforced in President Obama's budget proposal A New Era of Responsibility is that, over the last 25 years, the rich have gotten richer while the poor have gotten poorer.
This would seem to provide compelling evidence for the argument that in America's free market economy "the rich get richer, while the poor get poorer." This deserves a closer look.
three major factors missing from the Picketty-Saez data, when included in the calculation, significantly reduce the apparent growing trend in income inequality.
The study concluded that economic growth resulted in rising incomes for most taxpayers over the study period with the median incomes of all taxpayers increasing by 24% after adjusting for inflation.
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