The Myth of Living Beyond Our Means

Is anybody else sick of hearing Billionaires talking about how we need to tighten our belts:

The truth is most Americans have not been living beyond their means. The problem is their means haven’t been keeping up with the growth of the economy — which is why most of us need better education, infrastructure, and healthcare, and stronger safety nets.

The real median wage is only slightly higher now than it was 30 years ago, even though the economy is twice as large.

The only people whose means have soared are at the very top, because they’ve received almost all the gains from growth. Over the last three decades, the top 1 percent’s share of the nation’s income has doubled; the top one-tenth of 1 percent’s share, tripled. The richest one-tenth of 1 percent is now earning as much as the bottom 120 million Americans put together.

via The Myth of Living Beyond Our Means.

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